Worcester Park leases on domestic deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease falls below 80 years - otherwise a higher premium will be due. Flat owners in Worcester Park will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you enhanced control over the value of your Worcester Park leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Harrison was the the leasehold proprietor of a high value apartment in Worcester Park being sold with a lease of just over 61 years outstanding. Harrison informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Harrison to exercise his statutory right. Harrison obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.
In 2014 we were contacted by Dr T Roberts who, having purchased a recently refurbished apartment in Worcester Park in August 2007. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Similar residencies in Worcester Park with a long lease were in the region of £257,800. The mid-range amount of ground rent was £65 collected yearly. The lease expired on 14 February 2090. Having 65 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 not including fees.
An example of a Lease Extension case for a Worcester Park residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The unexpired lease term was 60.43 years.