Ewloe leases on residential deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher amount will be payable. Leasehold owners in Ewloe will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not be entitled. There are prescribed timetables and steps to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
Leasehold properties in Ewloe with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Ewloe can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge 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 protracted correspondence with the freeholder of her purpose-built apartment in Ewloe, Abigail commenced the lease extension process as the eighty year deadline was rapidly nearing. The transaction was finalised in August 2007. The freeholder’s fees were negotiated to approximately six hundred pounds.
Dr I Gómez moved into a one bedroom apartment in Ewloe in May 2001. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Similar properties in Ewloe with 100 year plus lease were valued around £295,000. The average amount of ground rent was £50 collected quarterly. The lease expired on 10 May 2100. Given that there were 75 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.
Mrs Abigail Nguyen purchased a one bedroom apartment in Ewloe in August 1996. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Similar residencies in Ewloe with an extended lease were valued about £250,400. The average ground rent payable was £65 collected quarterly. The lease ended on 16 August 2089. Given that there were 64 years outstanding we calculated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 plus legals.