There is no doubt about it a leasehold flat or house in Ewloe is a wasting asset as a result of the shortening lease. If the lease has, beyond one hundred years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Ewloe will qualify for this right; nevertheless a conveyancing solicitor can advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| Lloyds TSB Scotland | 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 |
| 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. |
Lease extensions in Ewloe can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 dealing with Ewloe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted negotiations with the freeholder of her basement flat in Ewloe, Nicole started the lease extension process as the eighty year threshold was rapidly nearing. The lease extension was finalised in January 2007. The landlord’s costs were negotiated to slightly above 550 pounds.
Mrs O Mitchell owned a studio apartment in Ewloe in January 2012. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Identical residencies in Ewloe with 100 year plus lease were valued about £205,000. The average ground rent payable was £50 billed yearly. The lease finished in 2103. Given that there were 79 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.
Last Summer we were phoned by Dr K Peterson , who completed a purpose-built apartment in Ewloe in November 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Ewloe with a long lease were valued about £275,000. The average ground rent payable was £65 invoiced annually. The lease concluded in 2092. Having 68 years unexpired we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including expenses.