The market value of West Thurrock leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than 80 years
It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Lease extensions in West Thurrock can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with West Thurrock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy negotiations with the freeholder of her first floor apartment in West Thurrock, Robyn initiated the lease extension process just as the lease was approaching the critical 80-year deadline. The legal work was finalised in September 2015. The freeholder’s costs were negotiated to below 600 GBP.
Last Spring we were e-mailed by Mr S Collins , who completed a first floor flat in West Thurrock in April 1998. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Identical flats in West Thurrock with a long lease were valued about £264,000. The mid-range ground rent payable was £60 billed every twelve months. The lease came to a finish on 25 February 2079. Given that there were 53 years outstanding we estimated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 not including fees.
An example of a Lease Extension case for a West Thurrock property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The remaining number of years on the lease was 76 years.