Long Eaton leases on residential deteriorating in value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Flat owners in Long Eaton will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Long Eaton with in excess of 100 years left on the lease are sometimes 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 purchasing the reversionary interest unless savings on ground rent and service 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
Using our service will provide you enhanced control over the value of your Long Eaton leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last year Thomas, started to get near to the 80-year mark with the lease on his two bedroom apartment in Long Eaton. In buying his home 18 years previously, the length of the lease was of minimal concern. As luck would have it, he noticed he would imminently be paying an inflated amount for Extending the lease. Thomas arranged for a lease extension at the eleventh hour in August. Thomas and the freeholder eventually agreed on the final figure of £5,000 . If he had missed the deadline, the amount would have gone up by at least £900.
Last Summer we were e-mailed by Dr J Bernard , who completed a ground floor flat in Long Eaton in March 2001. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative properties in Long Eaton with 100 year plus lease were worth £235,600. The average ground rent payable was £60 billed annually. The lease ran out in 2087. Taking into account 62 years left we estimated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of fees.
Mr and Mrs. G Bailey was assigned a lease of a first floor flat in Long Eaton in October 2011. The dilemma was if we could approximate the premium could be to extend the lease by 90 years. Comparative flats in Long Eaton with an extended lease were valued around £174,200. The average amount of ground rent was £55 collected every twelve months. The lease came to a finish on 8 July 2076. Having 51 years left we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 plus professional charges.