Epping leases on domestic properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Epping will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some cases you may not qualify. There are prescribed deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
Leasehold residencies in Epping with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society |
Regardless of whether you are a tenant or a landlord in Epping,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Epping valuers.
During the course of the last few months Joshua, started to get near to the eighty-year mark with the lease on his basement flat in Epping. Having purchased his property 18 years previously, the length of the lease was of little interest. Luckily, he became aware that he would imminently be paying way over the odds for a lease extension. Joshua was able to extend his lease just in the nick of time in September. Joshua and the landlord who owned the flat above ultimately settled on a premium of £5,500 . If he had missed the deadline, the figure would have escalated by at least £875.
Last Summer we were phoned by Ms L Reed , who owned a newly refurbished flat in Epping in June 2008. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Identical homes in Epping with a long lease were valued around £285,000. The average amount of ground rent was £55 billed per annum. The lease ran out in 2106. Having 80 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of expenses.
In 2010 we were contacted by Dr Edward Mercier who, having purchased a one bedroom flat in Epping in March 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Comparable residencies in Epping with 100 year plus lease were valued about £200,800. The mid-range ground rent payable was £65 billed yearly. The lease concluded in 2086. Having 60 years outstanding we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 exclusive of professional charges.