On the balance of probabilities if you own a flat in Eccleston and St Helens you actually own a long leasehold interest over your property
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Eccleston and St Helens can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Eccleston and St Helens 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 correspondence with the freeholder of her ground floor flat in Eccleston and St Helens, Daisy started the lease extension process just as her lease was nearing the crucial eighty-year threshold. The lease extension was concluded in October 2010. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. T Gómez purchased a basement apartment in Eccleston and St Helens in August 1997. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparable homes in Eccleston and St Helens with 100 year plus lease were valued about £173,800. The mid-range amount of ground rent was £65 billed quarterly. The lease terminated in 2081. Taking into account 55 years unexpired we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.
In 2013 we were contacted by Mr Thomas Baker who, having moved into a one bedroom apartment in Eccleston and St Helens in March 1996. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Identical residencies in Eccleston and St Helens with an extended lease were valued around £235,200. The mid-range ground rent payable was £45 billed annually. The lease ended on 9 February 2092. Considering the 66 years remaining we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.