Eastcote Lease Extension - Free Consultation

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Top reasons for Eastcote lease extension

Main reasons to start your Eastcote lease extension today:

Increase your lease and increase your Eastcote property value

As the length of the unexpired term of a Eastcote domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. The majority of flat owners in Eastcote will qualify for this right; that being said a lawyer should be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Eastcote with over one hundred years outstanding on the lease are often 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 upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not loan monies with a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone intending to purchase your property in the future might well do, so if they can't secure a mortgage, then the value of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

Get in touch with one of our Eastcote lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Eastcote,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Eastcote valuers.

Eastcote Lease Extension Case Studies:

Sophia, Eastcote, West London,

Following unsuccessful correspondence with the freeholder of her one bedroom apartment in Eastcote, Sophia commenced the lease extension process just as the lease was nearing the crucial 80-year mark. The transaction was finalised in March 2011. The landlord’s charges were restricted to slightly above 550 GBP.

Eastcote case:

In 2013 we were called by Mr K Peterson who, having bought a one bedroom apartment in Eastcote in January 2006. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Identical properties in Eastcote with 100 year plus lease were in the region of £200,800. The average amount of ground rent was £65 collected annually. The lease ended in 2081. Given that there were 60 years left we estimated the premium to the landlord to extend the lease to be within £20,900 and £24,200 not including fees.

Decision in Hillingdon

An example of a Lease Extension matter before the tribunal for a Eastcote residence 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.