Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Yiewsley. Inevitably, the term of lease left shortens as time goes by. This is often overlooked and only raises itself as an issue when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Yiewsley have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give careful deliberation before delaying your Yiewsley lease extension. Holding off the cost now only increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Using our service will provide you increased control over the value of your Yiewsley leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy negotiations with the freeholder of her first floor apartment in Yiewsley, Georgia commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was concluded in July 2010. The landlord’s costs were negotiated to less than five hundred GBP.
Last year we were approach by Mrs W Bennett , who purchased a garden flat in Yiewsley in November 1998. The question was if we could approximate the price could be to extend the lease by a further 90 years. Similar homes in Yiewsley with an extended lease were valued around £225,400. The mid-range amount of ground rent was £45 billed monthly. The lease terminated in 2090. Given that there were 64 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of fees.
An example of a Freehold Enfranchisement case for a Yiewsley premises 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 unexpired term was 69 years.