Eaglescliffe leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Eaglescliffe enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Eaglescliffe you really ought to investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Eaglescliffe flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is actioned without delay
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 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Regardless of whether you are a tenant or a landlord in Eaglescliffe,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Eaglescliffe valuers.
Trailing unsuccessful discussions with the landlord of her first floor apartment in Eaglescliffe, Charlotte initiated the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work completed in June 2014. The landlord’s fees were kept to an absolute minimum.
Last Spring we were phoned by Dr Caleb Bonnet , who took over the lease of a first floor apartment in Eaglescliffe in April 2011. The question was if we could estimate the premium could be for a ninety year lease extension. Similar homes in Eaglescliffe with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced per annum. The lease ended on 26 March 2103. Considering the 78 years remaining we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus professional charges.
Mr and Mrs. H Gómez took over the lease of a first floor apartment in Eaglescliffe in January 2009. The question was if we could approximate the price would be for a ninety year extension to my lease. Similar flats in Eaglescliffe with 100 year plus lease were worth £186,000. The average ground rent payable was £65 collected monthly. The lease elapsed on 20 January 2083. Considering the 58 years as a residual term we approximated the premium to the landlord to extend the lease to be within £24,700 and £28,600 exclusive of expenses.