It’s an underpublicised truth that a Eaglescliffe residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Eaglescliffe property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher amount will be due. The majority of leasehold owners in Eaglescliffe will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.
Leasehold residencies in Eaglescliffe with more than 100 years left 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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Eaglescliffe can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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.
Adam was the the leasehold proprietor of a conversion flat in Eaglescliffe being sold with a lease of just over sixty years left. Adam informally contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Adam to exercise his statutory right. Adam procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Dr Ben Martínez completed a garden flat in Eaglescliffe in July 1998. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Identical residencies in Eaglescliffe with 100 year plus lease were valued around £255,000. The mid-range amount of ground rent was £50 collected quarterly. The lease ended on 7 February 2096. Given that there were 70 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.
In 2009 we were approached by Mr Edward Ali who, having owned a one bedroom apartment in Eaglescliffe in June 2002. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar flats in Eaglescliffe with an extended lease were valued about £246,800. The mid-range amount of ground rent was £60 collected every twelve months. The lease concluded in 2076. Given that there were 50 years left we approximated the premium to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of professional charges.