Maida Hill leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher premium will be payable. Leasehold owners in Maida Hill will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Maida Hill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 Maida Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Elijah, came perilously close to the 80-year mark with the lease on his studio apartment in Maida Hill. In buying his home 19 years previously, the lease term was of little interest. Luckily, he recognised he needed to take action soon on Extending the lease. Elijah was able to extend his lease just in the nick of time in January. Elijah and the freeholder subsequently settled on the final figure of £5,000 . If he not met the deadline, the sum would have gone up by a minimum £1,150.
Mrs A López purchased a basement apartment in Maida Hill in May 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Comparative premises in Maida Hill with an extended lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced annually. The lease terminated in 2093. Considering the 68 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.
An example of a Lease Extension case for a Maida Hill premises is Flat 1 57 Oxford Gardens in January 2014. the Tribunal decided that the premium to be paidfor a new lease is £61,650.00. This case affected 1 flat. The number of years remaining on the existing lease(s) was 60 years.