Whitefield leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Whitefield will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some cases you may not qualify. There are prescribed timetables and procedures to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Whitefield with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| 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. |
| 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. |
Lease extensions in Whitefield can be a difficult process. We recommend you get professional help 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 Whitefield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted discussions with the freeholder of her leasehold apartment in Whitefield, Zoe initiated the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction was finalised in July 2009. The landlord’s charges were kept to an absolute minimum.
In 2013 we were called by Ms Kayleigh Collins who, having moved into a purpose-built flat in Whitefield in April 1997. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Identical flats in Whitefield with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £45 invoiced yearly. The lease elapsed on 14 July 2101. Given that there were 75 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including fees.
Last Summer we were approach by Mr Aiden Fournier , who moved into a basement flat in Whitefield in January 2002. The dilemma was if we could estimate the price would be to prolong the lease by a further 90 years. Comparative residencies in Whitefield with 100 year plus lease were in the region of £250,400. The average ground rent payable was £65 billed yearly. The lease lapsed in 2090. Considering the 64 years remaining we approximated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including fees.