The market value of Easingwold leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is below than eighty years
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander |
The lawyers that we work with procure Easingwold lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Caleb was the the leasehold proprietor of a 2 bedroom flat in Easingwold on the market with a lease of a little over fifty eight years left. Caleb informally contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Caleb to exercise his statutory right. Caleb obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
Dr Eliot Watson was assigned a lease of a studio apartment in Easingwold in November 2011. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Easingwold with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease terminated in 2100. Taking into account 74 years left we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.
In 2013 we were phoned by Mr Hunter Brooks who, having acquired a ground floor flat in Easingwold in January 2010. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparable homes in Easingwold with 100 year plus lease were in the region of £248,000. The mid-range ground rent payable was £65 billed annually. The lease lapsed in 2089. Given that there were 63 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of legals.