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Digg it UP - Extension of Short Leases on Central London Properties
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• Pay the premium to the freeholder out of one’s own financial resources
• Apply to one’s existing lender for a ‘further advance’ in addition to the existing mortgage
• Apply to another lender for a re-mortgage to pay off one’s existing borrowing and raise the additional amount required to pay t
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• The shorter the remaining term of the lease, the more difficult it will be to sell the property or for potential buyers to raise the finance
• Potential lenders usually require a minimum term of lease at outset of a mortgage facility and, also, require a 30+ years left on the lease at maturity of the mortgage term
• Properties in prime areas of Central London, typically, have leases attached to them with less than 30 years remaining (some have much shorter remaining terms)
• Since the Commonhold & Leasehold Reform Act 2002, it has been easier for an owner of a short leasehold property to extend the term of the existing lease, if he/she has owned the property for two or more years
• Few lenders have identified and responded to this niche lending opportunity; those that have done so, consider the location of the property and the status of the freeholder to be important factors in the mortgage application process
• Quality estate agents and valuers, experienced solicitors and enlightened independent mortgage advisers will all have significant roles to play in this business arena Financing the Extension of a Short Lease
A freeholder will require a monetary consideration in order to extend a lease and there are, essentially, three options for making that payment:
• Pay the premium to the freeholder out of one’s own financial resources
• Apply to one’s existing lender for a ‘further advance’ in addition to the existing mortgage
• Apply to another lender for a re-mortgage to pay off one’s existing borrowing and raise the additional amount required to pay t
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• Properties in prime areas of Central London, typically, have leases attached to them with less than 30 years remaining (some have much shorter remaining terms)
• Since the Commonhold & Leasehold Reform Act 2002, it has been easier for an owner of a short leasehold property to extend the term of the existing lease, if he/she has owned the property for two or more years
• Few lenders have identified and responded to this niche lending opportunity; those that have done so, consider the location of the property and the status of the freeholder to be important factors in the mortgage application process
• Quality estate agents and valuers, experienced solicitors and enlightened independent mortgage advisers will all have significant roles to play in this business arena Financing the Extension of a Short Lease
A freeholder will require a monetary consideration in order to extend a lease and there are, essentially, three options for making that payment:
• Pay the premium to the freeholder out of one’s own financial resources
• Apply to one’s existing lender for a ‘further advance’ in addition to the existing mortgage
• Apply to another lender for a re-mortgage to pay off one’s existing borrowing and raise the additional amount required to pay t
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• Few lenders have identified and responded to this niche lending opportunity; those that have done so, consider the location of the property and the status of the freeholder to be important factors in the mortgage application process
• Quality estate agents and valuers, experienced solicitors and enlightened independent mortgage advisers will all have significant roles to play in this business arena Financing the Extension of a Short Lease
A freeholder will require a monetary consideration in order to extend a lease and there are, essentially, three options for making that payment:
• Pay the premium to the freeholder out of one’s own financial resources
• Apply to one’s existing lender for a ‘further advance’ in addition to the existing mortgage
• Apply to another lender for a re-mortgage to pay off one’s existing borrowing and raise the additional amount required to pay t
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A freeholder will require a monetary consideration in order to extend a lease and there are, essentially, three options for making that payment:
• Pay the premium to the freeholder out of one’s own financial resources
• Apply to one’s existing lender for a ‘further advance’ in addition to the existing mortgage
• Apply to another lender for a re-mortgage to pay off one’s existing borrowing and raise the additional amount required to pay t
It was a revelation for me to come to the conclusion that not all marketers online are my competition. It was a 180 degree shift in thinking which prompted me to join up with another marketer and work together to improve both of our profits.Joint venture was one of the big buzzwords (phrases) of 2005, and since I tried it for myself, I can now understand why. Previous to doing my first Joint venture (or JV as us marketers like to call them) I looked at anyone who was selling anything online as competition, someone to beat to the sale.It was a few months ago, Joe Hebert asked me to work with him on a proj
• Pay the premium to the freeholder out of one’s own financial resources
• Apply to one’s existing lender for a ‘further advance’ in addition to the existing mortgage
• Apply to another lender for a re-mortgage to pay off one’s existing borrowing and raise the additional amount required to pay the freeholder
A lending institution will value the property on the bases of its current short lease and also the future increased lease term.
If approved, the mortgage will be based upon the revised lease term and, when the funds are released to the acting solicitor’s client account, the new lease will be executed simultaneously.
Illustration:
An applicant has a 5yrs mortgage of ?350,000 on a 15yrs leasehold property valued at ?500,000 and he/she can acquire a 90yrs extension to the lease by paying the freeholder a premium of ?250,000. The property’s value will increase to ?1,000,000 with the new 105yrs lease in place.
A ?600,000 mortgage is approved and the ?350,000 borrowing is redeemed and ?250,000 is paid to the freeholder.
Purchasing a Short Leasehold Property
As, say, a 15yrs lease reduces so does the value of the property decline; a ‘purchase’ application, therefore, challenges a lender more than a ‘re-mortgage’ application.
It is likely that, after two years of ownership, the purchaser will apply to increase the lease as in the preceding scenario; a lender cannot include that factor when considering a mortgage application for a purchase of a short leasehold property.
Again, using an existing 15yrs leasehold property and a 5yrs mortgag
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