As the length of the unexpired term of a Westcliff On Sea domestic lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 100 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Most flat owners in Westcliff On Sea will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Westcliff On Sea with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| 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. |
| Yorkshire 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. |
Lease extensions in Westcliff On Sea can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
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 procuring Westcliff On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Leon, started to get close to the eighty-year threshold with the lease on his ground floor flat in Westcliff On Sea. In buying his flat two decades ago, the length of the lease was of no relevance. by good luck, he noticed he would soon be paying an inflated amount for a lease extension. Leon was able to extend his lease just ahead of time last July. Leon and the landlord who owned the flat above ultimately agreed on a premium of £5,000 . If he not met the deadline, the sum would have escalated by a minimum £900.
Mr and Mrs. F Harris purchased a basement apartment in Westcliff On Sea in May 2007. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Similar properties in Westcliff On Sea with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 collected yearly. The lease came to a finish on 27 May 2100. Taking into account 74 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.
In 2010 we were contacted by Mr and Mrs. C Nguyen who, having completed a one bedroom apartment in Westcliff On Sea in June 2005. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar properties in Westcliff On Sea with a long lease were worth £166,400. The mid-range ground rent payable was £60 invoiced yearly. The lease expired on 14 May 2080. Taking into account 54 years outstanding we estimated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of expenses.