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Main reasons to commence your Temple lease extension

Why you should commence your Temple lease extension today:

Increase your lease and increase your Temple property value

For anyone whose Temple flat is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Temple with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to loan monies with a short lease

Banks and building societies differ in their lending criteria. Some draw the line at 75 years left on the lease; others may be willing to lend with anything with more than 70 years. Below sixty years, it may be difficult to obtain a mortgage in the first place.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
National Westminster Bank Mortgage term plus 30 years.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Temple?

Regardless of whether you are a tenant or a freeholder in Temple,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 in-depth market knowledge and the close ties they enjoy with Temple valuers.

Temple Lease Extension Example Cases:

Abigail, Temple, London,

After protracted negotiations with the landlord of her leasehold flat in Temple, Abigail started the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work completed in June 2013. The freeholder’s costs were kept to an absolute minimum.

Temple case:

In 2013 we were e-mailed by Mrs T Rose who, having purchased a one bedroom flat in Temple in January 2001. We are asked if we could approximate the premium could be for a 90 year lease extension. Similar properties in Temple with 100 year plus lease were valued about £174,200. The average amount of ground rent was £55 collected monthly. The lease expired in 2075. Given that there were 51 years outstanding we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including costs.

Decision in Camden

An example of a Lease Extension matter before the tribunal for a Temple residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term was 66.8 years.