The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Ewloe can extend the lease for a further 90 years in accordance with statute. Do think carefully before delaying your Ewloe lease extension. Putting off the costs today simply escalates the premium you will ultimately have to pay to extend the lease.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| 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 Ewloe can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Ewloe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy discussions with the freeholder of her ground floor flat in Ewloe, Tia commenced the lease extension process as the 80 year deadline was swiftly nearing. The lease extension was concluded in September 2005. The landlord’s costs were restricted to under 450 pounds.
Ms Lauren Cox purchased a basement flat in Ewloe in October 2000. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparable premises in Ewloe with a long lease were valued about £290,000. The average amount of ground rent was £45 collected annually. The lease came to a finish in 2099. Having 73 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.
Last February we were e-mailed by Mr and Mrs. R Ward , who owned a one bedroom flat in Ewloe in August 2004. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparative flats in Ewloe with an extended lease were in the region of £240,600. The average amount of ground rent was £60 collected yearly. The lease ran out in 2088. Given that there were 62 years unexpired we calculated the premium to the landlord for the lease extension to be between £21,900 and £25,200 plus legals.