Chadwell Heath leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the existing lease drops below 80 years - otherwise a higher premium will be payable. Leasehold owners in Chadwell Heath will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service gives you better control over the value of your Chadwell Heath leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Riley owned a high value flat in Chadwell Heath being marketed with a lease of a few days over 72 years left. Riley on an informal basis contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Riley to exercise his statutory right. Riley obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Dr Jodie Campbell took over the lease of a first floor flat in Chadwell Heath in October 2008. We are asked if we could estimate the price would be to extend the lease by an additional years. Similar flats in Chadwell Heath with a long lease were valued around £213,600. The mid-range ground rent payable was £60 invoiced annually. The lease termination date was in 2083. Having 57 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of costs.
An example of a Lease Extension decision for a Chadwell Heath residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The remaining number of years on the lease was 61.36 years.