The re-sale value of a leasehold property in Beaminster depends on how many years the lease has left to run. If it is near to or fewer than eighty years you should envisage difficulties on re-sale, so it is advisable to arrange for a lease extension before buying. It is ideal to start the process of extending the lease is when the lease still has 82 years to run so that formalities can be finalised in advance of the eighty year threshold. Statute entitles Beaminster qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a further term of ninety years. The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold residencies in Beaminster with more than one hundred years outstanding 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander |
Retaining our service will provide you enhanced control over the value of your Beaminster leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Dylan owned a conversion flat in Beaminster on the market with a lease of a few days over 72 years remaining. Dylan informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Dylan to invoke his statutory right. Dylan procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
Last September we were phoned by Mrs Isabel Anderson , who took over the lease of a first floor flat in Beaminster in April 1998. The question was if we could approximate the premium would be to extend the lease by 90 years. Comparable residencies in Beaminster with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated on 15 August 2105. Having 79 years left we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including professional charges.
In 2012 we were called by Mr and Mrs. T White who, having completed a studio apartment in Beaminster in March 1996. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparative premises in Beaminster with 100 year plus lease were worth £193,400. The mid-range amount of ground rent was £65 billed yearly. The lease end date was on 27 January 2085. Having 59 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including legals.