Yiewsley leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Yiewsley will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not qualify. There are also strict timetables and steps to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| Santander | |
| Skipton Building Society | |
| TSB |
Irrespective of whether you are a tenant or a freeholder in Yiewsley,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Yiewsley valuers.
In the wake of 9 months of unsuccessful negotiations with the freeholder of her studio flat in Yiewsley, Catherine started the lease extension process just as her lease was nearing the all-important eighty-year mark. The lease extension was finalised in August 2006. The landlord’s costs were restricted to slightly above five hundred pounds.
Mr N Jones completed a basement apartment in Yiewsley in July 1999. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Identical premises in Yiewsley with an extended lease were valued around £260,000. The average ground rent payable was £50 billed quarterly. The lease expiry date was on 12 October 2098. Taking into account 72 years left we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
An example of a Freehold Enfranchisement case for a Yiewsley property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The remaining number of years on the lease was 69 years.