On the balance of probabilities where you own a flat in Ewloe you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ewloe can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 procuring Ewloe 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 correspondence with the landlord of her basement apartment in Ewloe, Caitlin started the lease extension process just as her lease was approaching the all-important eighty-year threshold. The transaction was concluded in October 2006. The freeholder’s fees were kept to an absolute minimum.
In 2009 we were contacted by Dr Joseph Moore who, having bought a first floor flat in Ewloe in October 2012. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Comparable properties in Ewloe with a long lease were in the region of £189,000. The average amount of ground rent was £55 invoiced yearly. The lease expiry date was in 2078. Taking into account 53 years remaining we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus professional charges.
Last month we were e-mailed by Mrs G Norbert , who was assigned a lease of a first floor flat in Ewloe in November 1995. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Comparative residencies in Ewloe with a long lease were in the region of £290,000. The average ground rent payable was £45 billed every twelve months. The lease came to a finish in 2098. Having 73 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.