Eaton Bray Lease Extension - Free Consultation

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Main reasons to start your Eaton Bray lease extension

Top reasons for lease extension now:

Increase your lease and increase your Eaton Bray property value

Eaton Bray leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Eaton Bray tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Eaton Bray you really ought to check if your lease has between 70 and 90 years remaining. There are good reasons why a Eaton Bray flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is effected without delay

Eaton Bray property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Mortgage Lenders are distinct in their lending criteria. Some set the bar at 75 years left on the lease; others may be prepared to lend with anything with more than seventy years. Below sixty years, it may be difficult to obtain a mortgage at all.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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 Eaton Bray lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Eaton Bray leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Eaton Bray Lease Extension Case Summaries:

Oscar, Eaton Bray, Bedfordshire,

Oscar was the the leasehold proprietor of a conversion flat in Eaton Bray on the market with a lease of a little over sixty years remaining. Oscar informally contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Oscar to exercise his statutory right. Oscar procured expert legal guidance and secured an acceptable resolution informally and sell the flat.

Eaton Bray case:

Ms R Vincent acquired a one bedroom apartment in Eaton Bray in August 1996. The dilemma was if we could estimate the price would be to extend the lease by 90 years. Identical properties in Eaton Bray with a long lease were valued around £285,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease terminated in 2103. Having 79 years unexpired we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus costs.

Eaton Bray case:

Last November we were called by Mr and Mrs. E Harris , who bought a ground floor flat in Eaton Bray in April 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Eaton Bray with a long lease were valued around £193,400. The mid-range ground rent payable was £65 billed annually. The lease expired on 14 February 2083. Having 59 years unexpired we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including legals.