Eaton Bray leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the current lease dips lower than eighty years - otherwise a higher premium will be payable. Flat owners in Eaton Bray will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and steps to comply with once the process has started so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Eaton Bray can be a difficult process. We recommend you get guidance from a conveyancer 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 a wealth of experience dealing with Eaton Bray lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca was the the leasehold proprietor of a conversion apartment in Eaton Bray on the market with a lease of a few days over sixty years unexpired. Luca informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Luca to exercise his statutory right. Luca procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Dr Harriet Alexander bought a garden apartment in Eaton Bray in March 1995. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative flats in Eaton Bray with 100 year plus lease were valued about £183,600. The average amount of ground rent was £65 invoiced per annum. The lease ended on 26 August 2082. Considering the 57 years outstanding we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.
Dr Stanley Rivera purchased a basement apartment in Eaton Bray in March 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Similar properties in Eaton Bray with an extended lease were worth £245,000. The average amount of ground rent was £45 collected every twelve months. The lease finished on 25 August 2093. Having 68 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.