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Why you should start your Yiewsley lease extension

Top reasons for lease extension now:

A Yiewsley leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Yiewsley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Yiewsley with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not issue a mortgage with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be aware that it is likely that someone wishing to purchase your property in the future might well do, so where they can't get a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Leeds Building Society 85 years remaining from the start 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.

What makes us experts in Yiewsley lease extensions?

The lawyers that we work with handle 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 lawyer we work with provide it.

Yiewsley Lease Extension Example Cases:

Isobel, Yiewsley, West London,

Off the back of lengthy negotiations with the landlord of her garden flat in Yiewsley, Isobel initiated the lease extension process just as the lease was nearing the all-important eighty-year deadline. The legal work was concluded in January 2014. The freeholder’s costs were kept to an absolute minimum.

Yiewsley case:

Last Summer we were called by Dr V Brooks , who bought a first floor flat in Yiewsley in April 2007. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Identical properties in Yiewsley with a long lease were worth £254,200. The average amount of ground rent was £60 invoiced per annum. The lease ran out on 24 July 2076. Considering the 51 years unexpired we estimated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus fees.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal 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 affected 2 flats. The unexpired lease term was 69 years.