The closer a domestic lease in Long Eaton nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 125 years remaining then this decrease may be negligible however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Long Eaton will qualify for this right; nevertheless a conveyancing solicitor should be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Long Eaton 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service will provide you enhanced control over the value of your Long Eaton leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Isaac, came very close to the eighty-year threshold with the lease on his basement flat in Long Eaton. In buying his property two decades ago, the lease term was of no interest. Luckily, he noticed he needed to take steps soon on Extending the lease. Isaac arranged for a lease extension at the eleventh hour in September. Isaac and the freeholder eventually settled on sum of £5,500 . If he had missed the deadline, the figure would have become more exhorbitant by at least £900.
Last month we were e-mailed by Dr R Cox , who took over the lease of a newly refurbished apartment in Long Eaton in July 2004. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Identical homes in Long Eaton with 100 year plus lease were valued around £181,600. The mid-range amount of ground rent was £55 collected quarterly. The lease lapsed in 2076. Having 52 years left we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of costs.
Mrs I Díaz acquired a one bedroom flat in Long Eaton in July 2009. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparative properties in Long Eaton with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 invoiced every twelve months. The lease came to a finish in 2096. Considering the 72 years remaining we approximated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 plus costs.