Ellesmere Port leases on domestic properties are gradually losing value. Where your lease has about ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Leasehold owners in Ellesmere Port will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and formalities to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Ellesmere Port with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ellesmere Port can be a difficult process. We recommend you secure 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 in-depth market knowledge dealing with Ellesmere Port lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Harrison, started to get close to the eighty-year threshold with the lease on his garden flat in Ellesmere Port. Having bought his home 18 years ago, the unexpired term was of no bearing. by good luck, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Harrison arranged for a lease extension just under the wire last March. Harrison and the freeholder via the managing agents in the end agreed on an amount of £5,500 . If the lease had dipped lower than 80 years, the price would have increased by at least £1,025.
Last Autumn we were contacted by Mr and Mrs. V Alexander , who was assigned a lease of a studio flat in Ellesmere Port in January 2011. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Identical properties in Ellesmere Port with 100 year plus lease were valued around £205,000. The average amount of ground rent was £50 billed per annum. The lease ended in 2104. Taking into account 79 years as a residual term we estimated the premium to the landlord for the lease extension to be between £7,600 and £8,800 not including costs.
In 2011 we were approached by Mr and Mrs. B Hernández who, having bought a studio apartment in Ellesmere Port in June 2002. We are asked if we could approximate the price would be to prolong the lease by an additional years. Comparative residencies in Ellesmere Port with an extended lease were worth £275,000. The average ground rent payable was £65 invoiced every twelve months. The lease finished on 5 January 2093. Having 68 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.