As the the remaining lease term of a East Dean domestic lease decreases so does its value and therefore the value of your property. If the lease has, more than 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than eighty years left 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 main rational as to why you should extend the lease without delay. Most flat owners in East Dean will meet the qualifying criteria; however a conveyancing solicitor can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in East Dean with more than 100 years remaining 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in East Dean can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.
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 East Dean lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eli was the the leasehold proprietor of a conversion apartment in East Dean on the market with a lease of a little over fifty eight years left. Eli informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Eli to invoke his statutory right. Eli procured expert advice and secured satisfactory resolution informally and readily saleable.
Last June we were contacted by Dr Cameron Laurent , who purchased a basement flat in East Dean in January 1999. We are asked if we could approximate the price could be to extend the lease by an additional years. Comparative premises in East Dean with an extended lease were in the region of £205,000. The average amount of ground rent was £50 invoiced monthly. The lease concluded on 4 January 2104. Considering the 78 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £7,600 and £8,800 not including costs.
Mr Rory Roberts was assigned a lease of a first floor apartment in East Dean in September 2006. We are asked if we could estimate the premium could be to extend the lease by an additional years. Identical premises in East Dean with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 invoiced yearly. The lease lapsed on 2 February 2093. Having 67 years left we calculated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 plus legals.