The closer a residential lease in Canvey Island nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, over 100 years remaining then this decrease may be negligible however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner than later. Most flat owners in Canvey Island will qualify for this right; nevertheless a conveyancer should be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold properties in Canvey Island with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Retaining our service will provide you enhanced control over the value of your Canvey Island leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy correspondence with the landlord of her garden flat in Canvey Island, Ellie started the lease extension process just as the lease was nearing the crucial 80-year threshold. The lease extension was concluded in February 2012. The landlord’s fees were negotiated to below 600 pounds.
Last Winter we were phoned by Mr U Phillips , who was assigned a lease of a one bedroom apartment in Canvey Island in March 2012. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical residencies in Canvey Island with a long lease were worth £208,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease concluded on 9 November 2082. Taking into account 57 years outstanding we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 plus legals.
Mr and Mrs. S Rose moved into a one bedroom apartment in Canvey Island in February 2000. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical flats in Canvey Island with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 collected monthly. The lease elapsed on 5 June 2102. Having 77 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.