Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Ewloe. Inevitably, the term of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Ewloe have the legal entitlement to extend the lease for a further 90 years in accordance with statute. Please give due consideration before putting off your Ewloe lease extension. Holding off the cost now likely increases the price you will eventually have to pay to extend your lease
Leasehold properties in Ewloe with over 100 years remaining 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you enhanced control over the value of your Ewloe leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of protracted discussions with the freeholder of her ground floor apartment in Ewloe, Isabel commenced the lease extension process as the 80 year mark was swiftly coming. The transaction was concluded in June 2009. The landlord’s costs were negotiated to a tad over 550 GBP.
In 2012 we were called by Mrs F Leroy who, having bought a garden flat in Ewloe in November 1995. We are asked if we could approximate the price would be for a ninety year lease extension. Identical flats in Ewloe with an extended lease were valued about £205,000. The mid-range ground rent payable was £50 billed yearly. The lease finished in 2105. Having 79 years left we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.
In 2009 we were contacted by Ms Millie Parker who, having bought a ground floor apartment in Ewloe in November 2004. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Comparative properties in Ewloe with an extended lease were in the region of £275,000. The mid-range ground rent payable was £65 invoiced per annum. The lease came to a finish in 2094. Having 68 years remaining we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus fees.