For anyone whose Edwinstowe home is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, 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 Edwinstowe with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 Edwinstowe can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 Edwinstowe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted correspondence with the landlord of her one bedroom apartment in Edwinstowe, Kelsey started the lease extension process as the eighty year mark was quickly nearing. The transaction was concluded in May 2009. The freeholder’s costs were negotiated to under 650 GBP.
Mr and Mrs. N Kelly moved into a one bedroom flat in Edwinstowe in September 1997. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Similar properties in Edwinstowe with 100 year plus lease were in the region of £208,600. The average amount of ground rent was £60 billed yearly. The lease lapsed on 11 June 2082. Taking into account 57 years left we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus fees.
Mr H Mercier acquired a garden apartment in Edwinstowe in June 2000. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable residencies in Edwinstowe with an extended lease were in the region of £200,000. The average amount of ground rent was £50 invoiced yearly. The lease finished on 3 August 2102. Considering the 77 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.