The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in West Thurrock may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your West Thurrock lease extension. Shelving the costs now simply increases the premium you will ultimately have to pay for a lease extension.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 West Thurrock 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 a wealth of experience procuring West Thurrock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the landlord of her first floor apartment in West Thurrock, Zoe started the lease extension process as the 80 year deadline was fast advancing. The transaction was finalised in August 2006. The freeholder’s fees were negotiated to under 500 pounds.
Last year we were e-mailed by Mrs Olivia James , who acquired a first floor apartment in West Thurrock in August 2010. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Identical premises in West Thurrock with an extended lease were worth £290,000. The average amount of ground rent was £60 invoiced yearly. The lease lapsed in 2105. Considering the 80 years outstanding we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of legals.
An example of a Lease Extension case for a West Thurrock property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired lease term was 76 years.