Unfortunately that a Woodhouse Eaves residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Woodhouse Eaves property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If lease term falls below 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Woodhouse Eaves will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the formalities.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Woodhouse Eaves can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.
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 Woodhouse Eaves lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted discussions with the landlord of her basement apartment in Woodhouse Eaves, Morgan initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The legal work was finalised in January 2009. The freeholder’s charges were negotiated to slightly above 500 GBP.
Dr B Bailey took over the lease of a studio apartment in Woodhouse Eaves in March 2011. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Identical properties in Woodhouse Eaves with an extended lease were worth £210,000. The average ground rent payable was £50 collected yearly. The lease concluded in 2106. Given that there were 80 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
Dr Harry André completed a basement apartment in Woodhouse Eaves in January 2005. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparable residencies in Woodhouse Eaves with an extended lease were worth £275,000. The average amount of ground rent was £45 billed every twelve months. The lease lapsed on 15 September 2095. Given that there were 69 years left we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus legals.