Ely leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the existing lease drops below eighty years - otherwise a higher amount will be due. Leasehold owners in Ely will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold premises in Ely with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Virgin |
Lease extensions in Ely can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 a wealth of experience dealing with Ely lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Hugo, came dangerously close to the eighty-year threshold with the lease on his first floor apartment in Ely. Having bought his home two decades ago, the lease term was of little significance. Fortunately, he noticed he would imminently be paying an escalated premium for a lease extension. Hugo was able to extend his lease just under the wire last April. Hugo and the landlord who owned the flat above subsequently agreed on the final figure of £6,000 . If he not met the deadline, the amount would have increased by a minimum £900.
Mr and Mrs. G Morel completed a ground floor apartment in Ely in March 2001. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative premises in Ely with an extended lease were in the region of £265,200. The mid-range ground rent payable was £65 collected every twelve months. The lease lapsed on 28 March 2092. Taking into account 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 plus legals.
In 2013 we were approached by Mr Aiden Moreau who, having purchased a studio apartment in Ely in April 2005. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar residencies in Ely with an extended lease were in the region of £198,800. The average amount of ground rent was £55 billed annually. The lease terminated on 28 May 2081. Given that there were 55 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 plus fees.