There is no doubt about it a leasehold flat or house in Eynsham is a wasting asset as a result of the shortening lease. If the lease has, beyond one hundred years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. Many flat owners in Eynsham will qualify for this right; nevertheless a lawyer can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Eynsham with more than 100 years outstanding on the lease are often referred to as ‘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 to be gained by buying 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. |
| 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. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 Eynsham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Eynsham valuers.
Trailing unsuccessful discussions with the freeholder of her ground floor apartment in Eynsham, Rachael commenced the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The legal work completed in March 2011. The freeholder’s costs were restricted to about 550 pounds.
Dr C González purchased a studio flat in Eynsham in April 2001. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Similar premises in Eynsham with an extended lease were worth £208,600. The average amount of ground rent was £60 collected every twelve months. The lease expired on 16 November 2082. Taking into account 57 years remaining we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 plus expenses.
Dr Dylan François owned a first floor flat in Eynsham in January 1997. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Identical premises in Eynsham with a long lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease concluded in 2102. Considering the 77 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.