Main reasons to start your Hillingdon lease extension
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Why you should commence your Hillingdon lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/hillingdon">Hillingdon</a> property value </h4>
<p> On the balance of probabilities if you own a flat in Hillingdon you actually own a long leasehold interest over your property
<h4>Hillingdon property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold premises in Hillingdon with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it. <h4>Lending institutions may not issue a mortgage on a short lease</h4> Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years remaining on the lease; others may be happy with anything in excess 70 years. Below sixty years, it may be problematic to get a mortgage at all.
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<tr><th>Lender</th>
<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Chelsea Building Society</td>
<td> 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.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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What makes us experts in Hillingdon lease extensions?
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<p> Irrespective of whether you are a tenant or a freeholder in Hillingdon,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 Hillingdon valuers.
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Hillingdon Lease Extension Case Studies:
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<h5> Millie, Hillingdon, West London,</h5>
<p> Trailing unsuccessful discussions with the landlord of her garden apartment in Hillingdon, Millie started the lease extension process just as the lease was approaching the crucial 80-year deadline. The transaction was finalised in March 2014. The freeholder’s charges were negotiated to under four hundred pounds.
<h5>Hillingdon case:</h5>
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Last Christmas we were contacted by Mr and Mrs. P García , who
took over the lease of a basement flat in Hillingdon in October 2005. We are asked if we could estimate the price would be for a ninety year lease extension. Comparable homes in Hillingdon with a long lease were in the region of £260,200. The mid-range amount of ground rent was £65 billed monthly. The lease ended in 2092. Considering the 66 years remaining we approximated the premium to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of fees.
<div> <h5>Decision in Hillingdon</h5>
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An example of a Freehold Enfranchisement decision for a Hillingdon residence is
164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court
This case affected 2 flats. The number of years remaining on the existing lease(s) was 69 years.
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