The closer a domestic lease in West Thurrock nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 100 years remaining then this decrease may be of little impact however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. The majority of flat owners in West Thurrock will meet the qualifying criteria; that being said a conveyancer can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in West Thurrock with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Godiva Mortgages | 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Irrespective of whether you are a tenant or a landlord in West Thurrock,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with West Thurrock valuers.
In the wake of eight months of protracted negotiations with the freeholder of her garden apartment in West Thurrock, Katherine commenced the lease extension process just as her lease was coming close to the all-important 80-year threshold. The legal work was concluded in October 2011. The freeholder’s fees were restricted to about 650 pounds.
Last Autumn we were e-mailed by Dr Evan Clarke , who moved into a one bedroom flat in West Thurrock in September 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparable homes in West Thurrock with a long lease were valued about £285,000. The mid-range amount of ground rent was £55 billed yearly. The lease lapsed on 19 February 2104. Having 79 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.
An example of a Lease Extension matter before the tribunal for a West Thurrock flat 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 unexpired residue of the current lease was 76 years.