Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Yiewsley. Inevitably, the length of lease left reduces as time goes by. This is often overlooked and only raises itself as an issue when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying long lease owners in Yiewsley have the legal entitlement to extend the lease for an additional 90 years under statute. Please give due deliberation before delaying your Yiewsley lease extension. Holding off the cost now likely increases the price you will eventually incur to extend your lease
Leasehold premises in Yiewsley with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth 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 service charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you increased control over the value of your Yiewsley leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted negotiations with the landlord of her garden flat in Yiewsley, Stephanie initiated the lease extension process as the eighty year threshold was swiftly approaching. The legal work completed in June 2010. The freeholder’s fees were restricted to less than five hundred GBP.
In 2010 we were e-mailed by Dr G Petit who, having was assigned a lease of a purpose-built apartment in Yiewsley in January 2002. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical premises in Yiewsley with 100 year plus lease were worth £265,000. The mid-range ground rent payable was £50 collected quarterly. The lease came to a finish on 7 January 2099. Considering the 73 years remaining we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.
An example of a Freehold Enfranchisement decision for a Yiewsley residence 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.