On the balance of probabilities where you own a flat in Eaton Bray you actually own a long leasehold interest over your property
Leasehold properties in Eaton Bray with more than 100 years remaining on the lease are often regarded as a ‘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 to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander |
Lease extensions in Eaton Bray can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 a wealth of experience dealing with Eaton Bray lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful negotiations with the freeholder of her purpose-built apartment in Eaton Bray, Kate initiated the lease extension process as the 80 year deadline was fast nearing. The lease extension was concluded in August 2014. The freeholder’s charges were restricted to approximately six hundred GBP.
Mr and Mrs. F Bell moved into a one bedroom apartment in Eaton Bray in June 2008. The question was if we could estimate the premium would be to prolong the lease by 90 years. Similar homes in Eaton Bray with 100 year plus lease were valued about £176,200. The average ground rent payable was £65 invoiced monthly. The lease expired on 6 June 2082. Considering the 56 years left we estimated the premium to the freeholder to extend the lease to be within £29,500 and £34,000 plus expenses.
Dr I Bertrand moved into a ground floor flat in Eaton Bray in November 2005. We are asked if we could approximate the price could be for a ninety year lease extension. Identical residencies in Eaton Bray with 100 year plus lease were valued around £242,600. The average amount of ground rent was £45 invoiced monthly. The lease finished in 2093. Given that there were 67 years as a residual term we approximated the premium to the landlord to extend the lease to be within £11,400 and £13,200 not including professional charges.