Chances are that if you own a flat in Beaconsfield you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
Lender | Requirement |
---|---|
Bank of Scotland | Minimum 70 years from the date of the mortgage. |
Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
National Westminster Bank | Mortgage term plus 30 years. |
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 |
Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Beaconsfield can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 Beaconsfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Nathaniel owned a studio flat in Beaconsfield on the market with a lease of a little over sixty years left. Nathaniel on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Nathaniel to invoke his statutory right. Nathaniel procured expert advice and secured satisfactory deal informally and ending up with a market value flat.
Last Spring we were contacted by Mrs A Rodríguez , who completed a one bedroom flat in Beaconsfield in February 2000. The dilemma was if we could approximate the price would be to prolong the lease by 90 years. Similar properties in Beaconsfield with a long lease were worth £275,000. The mid-range ground rent payable was £55 billed quarterly. The lease concluded in 2100. Given that there were 76 years remaining we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.
Last month we were contacted by Dr Riley Gómez , who acquired a garden flat in Beaconsfield in October 2007. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical flats in Beaconsfield with an extended lease were valued about £176,200. The mid-range ground rent payable was £65 billed yearly. The lease end date was in 2080. Considering the 56 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including costs.