Kingstanding leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Kingstanding will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kingstanding can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 procuring Kingstanding lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy discussions with the landlord of her basement flat in Kingstanding, Ashleigh started the lease extension process just as the lease was nearing the crucial eighty-year threshold. The lease extension was finalised in September 2009. The freeholder’s fees were kept to an absolute minimum.
Last Winter we were e-mailed by Mr U Rogers , who took over the lease of a one bedroom apartment in Kingstanding in August 2012. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Comparative homes in Kingstanding with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 billed monthly. The lease termination date was on 12 February 2102. Taking into account 76 years left we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.
Mr and Mrs. S Hernández bought a garden flat in Kingstanding in November 2006. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Similar premises in Kingstanding with 100 year plus lease were valued about £257,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ran out in 2091. Taking into account 65 years remaining we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including expenses.