Iver leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Iver tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Iver you would be well advised to check if your lease has between 70 and 90 years remaining. There are good reasons why a Iver leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay
It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service will provide you enhanced control over the value of your Iver leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her basement flat in Iver, Lydia commenced the lease extension process just as the lease was coming close to the crucial eighty-year mark. The legal work was finalised in June 2006. The landlord’s charges were negotiated to slightly above 650 pounds.
Dr K García was assigned a lease of a one bedroom flat in Iver in May 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Identical residencies in Iver with a long lease were worth £250,000. The mid-range ground rent payable was £50 collected per annum. The lease lapsed in 2095. Considering the 69 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.
An example of a Freehold Enfranchisement case for a Iver 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 affected 2 flats. The remaining number of years on the lease was 69 years.