Unfortunately that a Eccleshall residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Eccleshall property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. If lease term falls below 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Eccleshall will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the formalities.
Leasehold properties in Eccleshall with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Eccleshall can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 procuring Eccleshall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted discussions with the landlord of her purpose-built apartment in Eccleshall, Jasmine initiated the lease extension process just as the lease was approaching the all-important 80-year mark. The lease extension was finalised in April 2014. The landlord’s costs were negotiated to under 600 pounds.
Mr B Bertrand was assigned a lease of a first floor apartment in Eccleshall in November 2005. The question was if we could estimate the price would be to prolong the lease by an additional years. Identical premises in Eccleshall with an extended lease were in the region of £275,000. The mid-range ground rent payable was £65 collected yearly. The lease terminated on 18 July 2094. Considering the 68 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.
Ms K Alexander completed a one bedroom flat in Eccleshall in June 2000. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Identical homes in Eccleshall with an extended lease were valued around £208,600. The mid-range amount of ground rent was £60 collected per annum. The lease finished on 27 May 2083. Having 57 years outstanding we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of expenses.