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Why you should start your Eye lease extension

Why you should start your Eye lease extension today:

Increase your lease and increase your Eye property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Eye have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Eye lease extension. Shelving that expense now simply escalates the amount you will ultimately be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You are likely to encounter problems if you need to sell your flat in Eye if the unexpired term of your lease is below the criteria set by the majority of lenders. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
Lloyds TSB Scotland Minimum 70 years from the date 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.

Why use us for your lease extension in Eye?

Irrespective of whether you are a tenant or a landlord in Eye,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 Eye valuers.

Eye Lease Extension Example Cases:

Daisy, Eye, Suffolk,

Trailing protracted negotiations with the landlord of her garden flat in Eye, Daisy commenced the lease extension process as the 80 year mark was quickly nearing. The lease extension was finalised in February 2007. The landlord’s fees were restricted to about 450 pounds.

Eye case:

Mr and Mrs. E White took over the lease of a recently refurbished flat in Eye in November 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Eye with an extended lease were in the region of £208,200. The average ground rent payable was £65 billed every twelve months. The lease expiry date was in 2086. Taking into account 61 years as a residual term we approximated the premium to the landlord to extend the lease to be between £20,000 and £23,000 plus legals.

Eye case:

Mrs Mollie Patel moved into a ground floor flat in Eye in January 2008. The question was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative homes in Eye with an extended lease were in the region of £260,000. The average amount of ground rent was £50 collected per annum. The lease elapsed on 22 April 2097. Considering the 72 years left we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.