There is no doubt about it a leasehold property in West Ealing is a wasting asset as a result of the diminishing lease term. If the residual term has, over 125 years to run then this decrease may be fractional however there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in West Ealing will meet the qualifying criteria; nevertheless a conveyancer will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| Coventry Building Society | 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. |
| 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. |
| 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 West Ealing can be a difficult process. We recommend you secure professional help from a conveyancer 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 West Ealing lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the freeholder of her one bedroom flat in West Ealing, Caitlin started the lease extension process as the 80 year mark was quickly nearing. The legal work was finalised in November 2007. The landlord’s charges were kept to an absolute minimum.
Last Spring we were contacted by Ms Isabel Wright , who completed a purpose-built flat in West Ealing in July 2007. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparable homes in West Ealing with a long lease were in the region of £243,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease termination date was in 2088. Having 63 years remaining we estimated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 not including professional charges.
An example of a Freehold Enfranchisement matter before the tribunal for a West Ealing property is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case was in relation to 2 flats. The unexpired residue of the current lease was 72.39 years.