Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Yiewsley. Inevitably, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Yiewsley have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give due attention before delaying your Yiewsley lease extension. Holding off the cost now simply increases the price you will eventually incur for a lease extension
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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. |
| Yorkshire 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. |
The lawyers that we work with procure Yiewsley 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 conveyancer we work with provide it.
Austin was the the leasehold owner of a conversion flat in Yiewsley being marketed with a lease of fraction over fifty eight years left. Austin informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Austin to invoke his statutory right. Austin procured expert advice and was able to make an informed decision and handle with the matter and sell the property.
In 2012 we were e-mailed by Dr Erin Davis who, having purchased a ground floor flat in Yiewsley in April 2009. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparative flats in Yiewsley with a long lease were in the region of £285,000. The average amount of ground rent was £55 billed every twelve months. The lease ended on 21 March 2105. Having 79 years left we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus costs.
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 affected 2 flats. The unexpired term was 69 years.