There is no doubt about it a leasehold property in Feltham is a wasting asset as a result of the shortening lease. Where the residual term has, beyond 125 years to run then this decrease may be of little impact however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending without delay. Most flat owners in Feltham will qualify for this right; however a conveyancer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| Chelsea Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Feltham,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Feltham valuers.
Half a year ago Harvey, started to get near to the eighty-year threshold with the lease on his ground floor apartment in Feltham. In buying his flat two decades ago, the unexpired term was of minimal relevance. Thankfully, he realised he needed to take action soon on Extending the lease. Harvey extended the lease just ahead of time last September. Harvey and the landlord who owned the flat above in the end settled on the final figure of £5,500 . If he failed to meet the deadline, the premium would have gone up by at least £1,050.
Last Spring we were phoned by Dr Seth González , who purchased a first floor apartment in Feltham in April 2002. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical premises in Feltham with a long lease were in the region of £235,200. The average amount of ground rent was £45 billed annually. The lease terminated in 2091. Having 66 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus legals.
An example of a Lease Extension matter before the tribunal for a Feltham property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term was 82.93 years.