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 gets more expensive. Legislation has been in place for sometime now allowing qualifying Eden Park residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Eden Park you would be well advised to investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Eden Park flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is put in place without delay
It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
|Barnsley Building Society||60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.|
|Birmingham Midshires||Minimum 70 years from the date of the mortgage.|
|Leeds Building Society||85 years remaing from the start of the mortgage.|
|Santander|| You must report the unexpired lease term to us and await our instructions if: |
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis
We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
|TSB||Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.|
Retaining our service gives you enhanced control over the value of your Eden Park leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful negotiations with the freeholder of her studio flat in Eden Park, Jordan started the lease extension process as the eighty year threshold was rapidly approaching. The transaction was concluded in August 2007. The landlord’s charges were kept to an absolute minimum.
In 2013 we were contacted by Mr and Mrs. E Parker who, having completed a ground floor apartment in Eden Park in April 2008. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparable residencies in Eden Park with a long lease were in the region of £200,800. The mid-range ground rent payable was £65 collected monthly. The lease terminated in 2081. Considering the 60 years outstanding we estimated the premium to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of fees.
An example of a Freehold Enfranchisement matter before the tribunal for a Eden Park residence 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.