Eden Park leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Eden Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Eden Park you should see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
|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.|
|Lloyds TSB Scotland||Minimum 70 years from the date of the mortgage.|
|National Westminster Bank||Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.|
|Royal Bank of Scotland||Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.|
Lease extensions in Eden Park can be a difficult process. We recommend you procure guidance from a conveyancer 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 Eden Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy discussions with the landlord of her two bedroom flat in Eden Park, Lydia commenced the lease extension process as the eighty year threshold was swiftly approaching. The transaction was concluded in April 2007. The freeholder’s fees were restricted to less than 450 GBP.
Mr and Mrs. O Green moved into a ground floor flat in Eden Park in November 2011. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Identical flats in Eden Park with 100 year plus lease were valued around £200,800. The mid-range ground rent payable was £65 billed annually. The lease elapsed in 2083. Given that there were 60 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £20,900 and £24,200 not including legals.
An example of a Freehold Enfranchisement case for a Eden Park premises is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case affected 2 flats. The unexpired residue of the current lease was 76.75 and 88.83.