On the balance of probabilities where you own a flat in West Ealing you actually own a long leasehold interest over your property
Leasehold residencies in West Ealing with more than 100 years left on the lease are often regarded as a ‘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 upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | 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. |
Lease extensions in West Ealing can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring West Ealing lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn Omar, came precariously close to the eighty-year threshold with the lease on his leasehold flat in West Ealing. Having purchased his home two decades ago, the length of the lease was of minimal importance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Omar extended the lease at the eleventh hour in March. Omar and the freeholder via the management company ultimately settled on an amount of £5,500 . If he had missed the deadline, the amount would have increased by a minimum £1,075.
In 2014 we were phoned by Ms I Lewis who, having owned a ground floor apartment in West Ealing in September 2012. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparable properties in West Ealing with 100 year plus lease were valued about £216,000. The mid-range ground rent payable was £60 billed quarterly. The lease lapsed on 27 August 2083. Given that there were 58 years outstanding we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus legals.
An example of a Freehold Enfranchisement decision for a West Ealing flat is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case related to 2 flats. The unexpired term was 72.39 years.