Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Edenbridge. Clearly, the period of lease left shortens as time goes by. This may slip by relatively unnoticed when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Edenbridge have the right to extend the lease for a further ninety years in accordance with legislation. Do give careful deliberation before delaying your Edenbridge lease extension. Putting off that expense now likely increases the price you will eventually have to pay to extend your lease
Leasehold residencies in Edenbridge with more than 100 years unexpired 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Engaging our service gives you increased control over the value of your Edenbridge leasehold, as your property will be more valuable and saleable in respect of lease length should you decide 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.
Andrew owned a high value apartment in Edenbridge on the market with a lease of fraction over fifty eight years outstanding. Andrew on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Andrew to invoke his statutory right. Andrew procured expert advice and secured an acceptable resolution informally and sell the flat.
In 2010 we were approached by Dr I Gómez who, having completed a one bedroom flat in Edenbridge in August 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Edenbridge with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 collected annually. The lease lapsed in 2099. Having 73 years outstanding we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.
In 2010 we were contacted by Dr L Allen who, having bought a ground floor apartment in Edenbridge in August 2010. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative residencies in Edenbridge with 100 year plus lease were in the region of £240,600. The mid-range amount of ground rent was £60 collected annually. The lease lapsed in 2088. Given that there were 62 years outstanding we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including fees.