The only way is down when it comes to Eastcote lease terms. Eastcote leaseholds that have a remaining term fewer than eighty years will de-escalate in value even faster, and the cost to extend your lease will increase.
Leasehold residencies in Eastcote with in excess of 100 years outstanding on the lease are sometimes 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| 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 obtain guidance from a lawyer and surveyor 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 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.
14 months ago Elijah, started to get near to the 80-year threshold with the lease on his first floor flat in Eastcote. Having bought his home 18 years ago, the unexpired term was of minimal bearing. Luckily, he recognised he would soon be paying way over the odds for Extending the lease. Elijah was able to extend his lease just under the wire in March. Elijah and the landlord ultimately agreed on a premium of £5,500 . If he had missed the deadline, the sum would have become more exhorbitant by a minimum £1,050.
In 2010 we were called by Mr E Cooper who, having owned a garden flat in Eastcote in October 2010. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative premises in Eastcote with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 invoiced yearly. The lease elapsed on 16 May 2101. Considering the 75 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.
An example of a Lease Extension decision for a Eastcote premises 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 residue of the current lease was 53.26 years.