As the the remaining lease term of a Eaton Bray domestic lease lessens so does its value and therefore the value of your property. Where the lease has, over 125 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Eaton Bray will qualify for this right; nevertheless a lawyer can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Eaton Bray with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Eaton Bray can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.
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 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.
In the wake of 6 months of lengthy correspondence with the landlord of her purpose-built flat in Eaton Bray, Amy started the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The transaction completed in April 2012. The landlord’s charges were kept to an absolute minimum.
Mr N Allen completed a ground floor apartment in Eaton Bray in January 1996. The question was if we could estimate the price could be to prolong the lease by 90 years. Identical properties in Eaton Bray with an extended lease were worth £246,800. The average amount of ground rent was £60 billed per annum. The lease termination date was on 4 November 2075. Having 50 years unexpired we calculated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of fees.
Mr and Mrs. V Bernard was assigned a lease of a one bedroom apartment in Eaton Bray in March 2007. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Identical homes in Eaton Bray with an extended lease were worth £208,200. The mid-range ground rent payable was £65 billed annually. The lease finished on 4 November 2086. Given that there were 61 years unexpired we estimated the premium to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of legals.