As the length of the unexpired term of a Eaglescliffe domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, beyond 125 years remaining then this decrease may be fractional however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Eaglescliffe will meet the qualifying criteria; however a lawyer can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Eaglescliffe with more than one hundred 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 premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Eaglescliffe can be a difficult process. We recommend you secure guidance from a lawyer 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 Eaglescliffe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Edward, started to get close to the eighty-year mark with the lease on his ground floor flat in Eaglescliffe. In buying his property 18 years previously, the lease term was of little significance. Fortunately, he noticed he would soon be paying an escalated premium for Extending the lease. Edward extended the lease just under the wire in January. Edward and the freeholder via the managing agents eventually agreed on an amount of £6,000 . If he had missed the deadline, the price would have gone up by at least £1,100.
Last April we were approach by Mr Sebastian Alexander , who moved into a basement flat in Eaglescliffe in October 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Eaglescliffe with 100 year plus lease were in the region of £285,000. The average ground rent payable was £55 collected monthly. The lease terminated in 2106. Considering the 80 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of fees.
Mr and Mrs. Y Bell purchased a garden apartment in Eaglescliffe in November 2001. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable flats in Eaglescliffe with 100 year plus lease were valued around £200,800. The mid-range amount of ground rent was £65 invoiced annually. The lease concluded in 2086. Given that there were 60 years unexpired we estimated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 not including professional charges.