The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Yiewsley have the legal entitlement to extend the lease for an additional ninety years in accordance with legislation. Do think carefully before delaying your Yiewsley lease extension. Postponing that expense now simply increases the amount you will eventually be required to pay to extend the lease.
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Yiewsley can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Yiewsley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful negotiations with the landlord of her one bedroom flat in Yiewsley, Melissa commenced the lease extension process as the eighty year mark was swiftly nearing. The transaction was concluded in September 2015. The landlord’s charges were kept to an absolute minimum.
Last Summer we were called by Mr and Mrs. Y Lewis , who bought a basement apartment in Yiewsley in July 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Yiewsley with a long lease were in the region of £191,000. The average ground rent payable was £65 billed per annum. The lease elapsed on 15 June 2084. Taking into account 58 years remaining we calculated the premium to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of legals.
An example of a Freehold Enfranchisement decision 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 was in relation to 2 flats. The remaining number of years on the lease was 69 years.