As the the remaining lease term of a Yeading domestic lease decreases so does its value and therefore the value of your property. Where the lease has, over 125 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner as opposed to later. Many flat owners in Yeading will meet the qualifying criteria; that being said a conveyancing solicitor can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
The lawyers that we work with handle Yeading lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Off the back of lengthy discussions with the landlord of her two bedroom apartment in Yeading, Bethan commenced the lease extension process just as her lease was nearing the critical 80-year deadline. The legal work completed in February 2009. The landlord’s costs were restricted to slightly above 600 pounds.
In 2009 we were e-mailed by Mr and Mrs. P Cooper who, having owned a purpose-built apartment in Yeading in July 1995. We are asked if we could estimate the premium could be to extend the lease by ninety years. Comparable properties in Yeading with an extended lease were worth £193,400. The average ground rent payable was £65 billed per annum. The lease lapsed on 17 March 2084. Considering the 59 years outstanding we approximated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of professional charges.
An example of a lease Extension case for a Yeading premises is 25 Beechwood Avenue in November 2012. the Tribunal accordingly determined that the premium for the lease extension should be £24,353. This case was in relation to 1 flat. The unexpired lease term was 58.19 years.