Top reasons for Eltham lease extension
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Main reasons to start your Eltham lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/eltham">Eltham</a> property value </h4>
<p> Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Eltham. Clearly, the period of lease left reduces as time goes by. This is often ignored and only becomes a problem when the residence needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Eltham have the legal entitlement to extend the lease for a further 90 years under statute. You should give careful attention before putting off your Eltham lease extension. Putting off the cost now simply increases the price you will eventually incur to extend your lease <h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold residencies in Eltham with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. 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. <h4>Banks and Building Societies may not issue a mortgage with a short lease</h4> Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should be mindful that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't secure a mortgage, then the value of your property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on <p>
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<tr><th>Lender</th>
<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Yorkshire Building Society</td>
<td> 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.
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Why use us for your lease extension in Eltham? </h4>
<p> Irrespective of whether you are a tenant or a freeholder in Eltham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Eltham valuers.
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Eltham Lease Extension Example Cases:
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<h5> Jodie, Eltham, South East London,</h5>
<p> Trailing unsuccessful negotiations with the landlord of her studio apartment in Eltham, Jodie initiated the lease extension process just as her lease was nearing the crucial 80-year threshold. The legal work was finalised in June 2006. The freeholder’s charges were restricted to approximately 500 GBP.
<h5>Eltham case:</h5>
<p> Dr Laura Green bought a studio apartment in Eltham in March 2006. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical residencies in Eltham with a long lease were worth £267,600. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ran out in 2093. Having 67 years outstanding we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus legals.
<div> <h5>Decision in Greenwich</h5>
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An example of a Lease Extension decision for a Eltham residence is
103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended
lease should be £34,500 according to the expert witness valuation
calculation
This case affected 1 flat.
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