The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Eccles have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Eccles lease extension. Postponing that expense today simply increases the amount you will ultimately be required to pay to extend the lease.
Leasehold premises in Eccles with more than 100 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 premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Eccles,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Eccles valuers.
After unsuccessful correspondence with the freeholder of her first floor flat in Eccles, Louise started the lease extension process as the eighty year mark was swiftly nearing. The legal work was concluded in July 2011. The freeholder’s costs were restricted to approximately 450 GBP.
Dr G Laurent purchased a basement apartment in Eccles in March 2011. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar flats in Eccles with 100 year plus lease were valued about £205,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease lapsed on 27 October 2103. Given that there were 78 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.
Dr Olivia Edwards acquired a first floor flat in Eccles in July 2011. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Similar residencies in Eccles with a long lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected quarterly. The lease expired in 2092. Having 67 years unexpired we approximated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 not including expenses.