Whyteleafe leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher premium will be payable. Flat owners in Whyteleafe will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not be entitled. There are also strict timetables and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Whyteleafe,the lease extension solicitors 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 Whyteleafe valuers.
In the wake of eight months of protracted correspondence with the landlord of her two bedroom flat in Whyteleafe, Grace initiated the lease extension process as the eighty year deadline was swiftly nearing. The transaction was concluded in March 2011. The landlord’s charges were restricted to approximately 650 GBP.
In 2010 we were called by Mrs Elizabeth Bertrand who, having was assigned a lease of a ground floor flat in Whyteleafe in January 1996. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Similar homes in Whyteleafe with an extended lease were in the region of £181,600. The mid-range ground rent payable was £55 billed quarterly. The lease ran out on 18 September 2077. Given that there were 52 years unexpired we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of legals.
An example of a Freehold Enfranchisement case for a Whyteleafe residence is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case affected 3 flats. The unexpired lease term was 75 years.