West Thurrock leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be payable. Flat owners in West Thurrock will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not qualify. There are also strict timetables and procedures to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| 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. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancers that we work with undertake West Thurrock lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Zachary was the the leasehold owner of a conversion apartment in West Thurrock on the market with a lease of a few days over 61 years outstanding. Zachary informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be payable on a lease extension were Zachary to invoke his statutory right. Zachary obtained expert advice and secured satisfactory resolution without resorting to tribunal and sell the flat.
Mr and Mrs. T Young moved into a garden apartment in West Thurrock in November 1995. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Similar residencies in West Thurrock with an extended lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease came to a finish on 3 June 2099. Considering the 73 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.
An example of a Lease Extension case 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 lease term was 76 years.