Yiewsley leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Yiewsley will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Yiewsley with more than 100 years unexpired on the lease are often regarded as a ‘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 freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Yiewsley can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 Yiewsley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin owned a high value flat in Yiewsley on the market with a lease of a few days over sixty years remaining. Benjamin informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to exercise his statutory right. Benjamin obtained expert advice and was able to make an informed judgement and deal with the matter and sell the flat.
Mr and Mrs. V Leroy took over the lease of a one bedroom flat in Yiewsley in August 2012. We are asked if we could estimate the price could be to extend the lease by 90 years. Identical properties in Yiewsley with an extended lease were in the region of £261,600. The average ground rent payable was £60 billed monthly. The lease finished on 23 March 2078. Taking into account 52 years as a residual term we calculated the premium to the landlord for the lease extension to be within £39,000 and £45,000 not including legals.
An example of a Freehold Enfranchisement matter before the tribunal for a Yiewsley 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 related to 2 flats. The unexpired lease term was 69 years.