The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in De Beauvoir Town have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. Please give careful consideration before delaying your De Beauvoir Town lease extension. Postponing that expense today simply escalates the price you will eventually be required to pay for a lease extension.
Leasehold premises in De Beauvoir Town with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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. |
Lease extensions in De Beauvoir Town can be a difficult process. We recommend you secure guidance 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 dealing with De Beauvoir Town lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oliver was the the leasehold proprietor of a high value flat in De Beauvoir Town being marketed with a lease of a few days over fifty eight years remaining. Oliver informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Oliver to invoke his statutory right. Oliver obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.
In 2009 we were called by Mr Matthew Jackson who, having took over the lease of a basement apartment in De Beauvoir Town in July 2009. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Identical properties in De Beauvoir Town with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease expired in 2102. Given that there were 77 years remaining we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.
An example of a Lease Extension case for a De Beauvoir Town premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The unexpired lease term was 80.5 years.