With a long leasehold property in Eastcote, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly when there are less than eighty years remaining. Residents in Eastcote with a lease approaching 81 years unexpired should seriously consider extending it sooner as opposed to later. Once a lease has below eighty years left, under the relevant Act the freeholder is entitled to calculate and levy a greater amount, based on a technical calculation, strangely termed as “marriage value” which is due.
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Eastcote can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge dealing with Eastcote lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her ground floor flat in Eastcote, Millie initiated the lease extension process as the 80 year mark was rapidly advancing. The legal work was concluded in January 2006. The freeholder’s costs were kept to an absolute minimum.
Last Christmas we were approach by Mr and Mrs. P Girard , who took over the lease of a basement flat in Eastcote in March 1999. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparable homes in Eastcote with a long lease were worth £208,200. The average amount of ground rent was £65 billed annually. The lease ended on 9 April 2087. Having 61 years left we calculated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 plus professional charges.
An example of a Lease Extension matter before the tribunal for a Eastcote property is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case related to 1 flat. The unexpired lease term was 53.26 years.