Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Eaglescliffe. Inevitably, the length of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the flat or house has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Eaglescliffe have the legal entitlement to extend the lease for a further ninety years in accordance with statute. You should give due consideration before delaying your Eaglescliffe lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension
Leasehold properties in Eaglescliffe with in excess of one hundred years left on the lease are sometimes 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| 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. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date 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. |
Lease extensions in Eaglescliffe can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 a wealth of experience procuring Eaglescliffe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Blake, came critically near to the eighty-year mark with the lease on his studio apartment in Eaglescliffe. Having bought his property two decades ago, the lease term was of minimal importance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Blake extended the lease just ahead of time last May. Blake and the landlord who owned the flat above in the end agreed on a premium of £6,000 . If he had missed the deadline, the premium would have gone up by at least £850.
In 2011 we were contacted by Ms P Lee who, having bought a garden flat in Eaglescliffe in April 2012. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable residencies in Eaglescliffe with an extended lease were in the region of £227,800. The average amount of ground rent was £45 billed monthly. The lease came to a finish in 2090. Considering the 65 years outstanding we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.
Last month we were approach by Mr A Martin , who moved into a ground floor apartment in Eaglescliffe in April 2004. The question was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar premises in Eaglescliffe with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced monthly. The lease end date was in 2101. Having 76 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.