Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in North Ockendon. Clearly, the length of lease remaining shortens over time. This may slip by relatively unnoticed when the property has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible leaseholders in North Ockendon have the legal entitlement to extend the lease for a further ninety years under statute. You should give due attention before delaying your North Ockendon lease extension. Holding off that expense now likely increases the price you will eventually incur for a lease extension
It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| Royal Bank of Scotland |
The lawyers that we work with handle North Ockendon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Subsequent to unsuccessful correspondence with the landlord of her basement flat in North Ockendon, Georgia initiated the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work was concluded in June 2008. The freeholder’s costs were negotiated to below 550 pounds.
Mr and Mrs. T Jackson was assigned a lease of a ground floor apartment in North Ockendon in April 2010. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical premises in North Ockendon with an extended lease were valued about £216,000. The average ground rent payable was £60 collected monthly. The lease finished on 16 May 2084. Given that there were 58 years remaining we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus costs.
An example of a Lease Extension decision for a North Ockendon flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired term as at the valuation date was 57.5 years.