The closer a residential lease in Epsom nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner than later. The majority of flat owners in Epsom will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold properties in Epsom with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset 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. |
Irrespective of whether you are a tenant or a landlord in Epsom,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Epsom valuers.
Last October David, came seriously near to the eighty-year mark with the lease on his studio apartment in Epsom. In buying his flat twenty years previously, the lease term was of no relevance. Thankfully, he became aware that he would imminently be paying way over the odds for Extending the lease. David arranged for a lease extension just ahead of time last May. David and the freeholder via the managing agents ultimately settled on an amount of £6,000 . If he failed to meet the deadline, the figure would have gone up by at least £1,125.
Last Spring we were e-mailed by Mr and Mrs. E Ward , who bought a basement flat in Epsom in November 2009. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Similar residencies in Epsom with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 invoiced every twelve months. The lease came to a finish in 2088. Taking into account 63 years remaining we approximated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of legals.
An example of a Lease Extension matter before the tribunal for a Epsom 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 term was 60.43 years.