The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Everton may extend the lease for a further ninety years under statute. Do give careful consideration before delaying your Everton lease extension. Putting off that expense today simply increases the premium you will eventually have to pay for a lease extension.
Leasehold premises in Everton 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 circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Everton,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 experience and the close ties they enjoy with Everton valuers.
Trailing protracted discussions with the landlord of her studio flat in Everton, Abigail started the lease extension process just as her lease was nearing the all-important 80-year deadline. The lease extension was finalised in June 2005. The landlord’s charges were kept to an absolute minimum.
Last Summer we were approach by Ms F Gray , who was assigned a lease of a one bedroom flat in Everton in September 2004. The question was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Identical flats in Everton with 100 year plus lease were in the region of £256,600. The mid-range ground rent payable was £60 collected quarterly. The lease concluded on 27 May 2077. Given that there were 52 years unexpired we approximated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 plus fees.
Mr L Bertrand purchased a purpose-built flat in Everton in August 2001. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative residencies in Everton with 100 year plus lease were worth £218,000. The average amount of ground rent was £45 invoiced yearly. The lease finished in 2088. Considering the 63 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of professional charges.