Chances are that where you own a flat in North Ockendon you actually own a long leasehold interest over your property
Leasehold premises in North Ockendon with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 North Ockendon can be a difficult process. We recommend you get guidance 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 dealing with North Ockendon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful negotiations with the freeholder of her leasehold apartment in North Ockendon, Morgan initiated the lease extension process just as her lease was coming close to the critical 80-year threshold. The legal work was concluded in February 2010. The landlord’s charges were restricted to below four hundred GBP.
Mr T Williams moved into a ground floor flat in North Ockendon in July 2000. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar residencies in North Ockendon with an extended lease were in the region of £201,200. The average amount of ground rent was £55 invoiced per annum. The lease elapsed in 2081. Considering the 56 years outstanding we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus professional charges.
An example of a Lease Extension matter before the tribunal for a North Ockendon property 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 was 57.5 years.