Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in West Ewell. Inevitably, the period of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the residence needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in West Ewell have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your West Ewell lease extension. Holding off that expense now likely increases the price you will ultimately incur to extend your lease
Leasehold premises in West Ewell with in excess of one hundred years remaining 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works | |
| Yorkshire Building Society |
The conveyancers that we work with undertake West Ewell lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Nathan was the the leasehold proprietor of a studio flat in West Ewell on the market with a lease of just over fifty eight years unexpired. Nathan informally approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be due on a lease extension were Nathan to invoke his statutory right. Nathan obtained expert legal guidance and secured satisfactory deal informally and readily saleable.
Mr and Mrs. O Lefèvre purchased a ground floor flat in West Ewell in January 2009. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparative residencies in West Ewell with a long lease were valued around £275,000. The mid-range ground rent payable was £55 collected every twelve months. The lease expired in 2102. Given that there were 76 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.
In 2009 we were approached by Ms D Martin who, having owned a garden flat in West Ewell in September 2002. The question was if we could estimate the premium would likely be for a ninety year lease extension. Similar premises in West Ewell with a long lease were in the region of £176,200. The average amount of ground rent was £65 billed annually. The lease expired in 2082. Taking into account 56 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 plus expenses.