For anyone whose West Thurrock flat is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.
Leasehold premises in West Thurrock with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in West Thurrock can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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.
In recent months Dexter, started to get close to the eighty-year threshold with the lease on his garden apartment in West Thurrock. In buying his home twenty years previously, the lease term was of no bearing. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Dexter was able to extend his lease just in the nick of time last April. Dexter and the landlord in the end settled on an amount of £6,000 . If he failed to meet the deadline, the price would have increased by at least £875.
In 2012 we were contacted by Dr Alfie White who, having owned a purpose-built apartment in West Thurrock in April 2005. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Identical residencies in West Thurrock with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 invoiced monthly. The lease lapsed in 2097. Given that there were 71 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 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 affected 13 flats. The number of years remaining on the existing lease(s) was 76 years.