For those whose Edenbridge home is held on a long lease, our message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.
Leasehold residencies in Edenbridge with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| 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. |
| Godiva Mortgages | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Edenbridge can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 Edenbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oscar owned a 2 bedroom apartment in Edenbridge on the market with a lease of fraction over 72 years unexpired. Oscar informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Oscar to invoke his statutory right. Oscar procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
Dr Freya Hernández moved into a ground floor flat in Edenbridge in March 1998. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Identical properties in Edenbridge with a long lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected monthly. The lease concluded in 2106. Taking into account 80 years unexpired we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.
Last Christmas we were e-mailed by Mr and Mrs. H Cox , who completed a one bedroom flat in Edenbridge in June 1997. We are asked if we could approximate the price could be to extend the lease by an additional years. Comparative homes in Edenbridge with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £45 billed yearly. The lease terminated in 2095. Given that there were 69 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.