For those whose Easingwold home is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.
Leasehold residencies in Easingwold with in excess of 100 years unexpired on the lease are sometimes 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 service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Easingwold can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 procuring Easingwold lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jake was the the leasehold proprietor of a 2 bedroom apartment in Easingwold on the market with a lease of fraction over 72 years outstanding. Jake on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Jake to invoke his statutory right. Jake obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
In 2010 we were phoned by Ms Ellie Evans who, having purchased a one bedroom apartment in Easingwold in March 2003. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Identical premises in Easingwold with 100 year plus lease were worth £240,600. The average ground rent payable was £65 billed per annum. The lease ended in 2088. Taking into account 62 years left we calculated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of costs.
Dr N Ali completed a first floor flat in Easingwold in September 2012. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Identical homes in Easingwold with an extended lease were valued about £174,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease ended in 2077. Given that there were 51 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of legals.