East Bergholt leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. Flat owners in East Bergholt will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and procedures to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in East Bergholt with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 |
| 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. |
Regardless of whether you are a tenant or a freeholder in East Bergholt,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with East Bergholt valuers.
Elijah was the the leasehold owner of a conversion apartment in East Bergholt on the market with a lease of just over 61 years outstanding. Elijah informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Elijah to invoke his statutory right. Elijah procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
Last Christmas we were contacted by Mr F Ramírez , who moved into a basement flat in East Bergholt in July 2001. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparative properties in East Bergholt with an extended lease were worth £265,000. The average ground rent payable was £50 collected annually. The lease end date was in 2098. Having 73 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including professional charges.
Last Christmas we were e-mailed by Dr Archie Nguyen , who owned a studio apartment in East Bergholt in June 2008. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparative homes in East Bergholt with a long lease were in the region of £264,000. The average ground rent payable was £60 invoiced per annum. The lease expired on 14 August 2078. Given that there were 53 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 not including legals.