It’s a harsh certainty that a Epsom and Ewell residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Epsom and Ewell property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If the number of years remaining slips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Epsom and Ewell will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer throughout the formalities.
Leasehold residencies in Epsom and Ewell with in excess of one hundred years outstanding 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 premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Epsom and Ewell,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Epsom and Ewell valuers.
After protracted negotiations with the freeholder of her first floor apartment in Epsom and Ewell, Courtney started the lease extension process just as her lease was approaching the all-important eighty-year threshold. The lease extension was finalised in April 2012. The landlord’s charges were negotiated to slightly above 500 pounds.
Mr and Mrs. R Hill acquired a newly refurbished apartment in Epsom and Ewell in November 2002. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical premises in Epsom and Ewell with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease end date was in 2101. Having 75 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.
An example of a Lease Extension case for a Epsom and Ewell flat is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The unexpired lease term was 60.43 years.