Ellesmere Port leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Ellesmere Port residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Ellesmere Port you must check if your lease has between seventy and ninety years left. There are compelling reasons why a Ellesmere Port flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is actioned without delay
Leasehold premises in Ellesmere Port with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Ellesmere Port can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge dealing with Ellesmere Port lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the freeholder of her ground floor apartment in Ellesmere Port, Ellie started the lease extension process just as the lease was nearing the critical 80-year mark. The transaction was concluded in January 2006. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. T Rogers moved into a garden flat in Ellesmere Port in May 1998. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparable premises in Ellesmere Port with a long lease were in the region of £295,000. The mid-range ground rent payable was £45 collected annually. The lease came to a finish in 2098. Having 74 years unexpired we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.
In 2012 we were contacted by Mr J Martínez who, having moved into a newly refurbished flat in Ellesmere Port in February 2012. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparable premises in Ellesmere Port with a long lease were worth £250,400. The mid-range amount of ground rent was £65 invoiced per annum. The lease expiry date was in 2088. Having 64 years outstanding we calculated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 not including costs.