Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Beckermet. Clearly, the period of lease left shortens over time. This is often ignored and only becomes a problem when the property has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Eligible leaseholders in Beckermet have the legal entitlement to extend the lease for a further 90 years in accordance with statute. Please give careful attention before delaying your Beckermet lease extension. Holding off the cost now only increases the price you will ultimately incur for a lease extension
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Beckermet can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.
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 procuring Beckermet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jonathan was the the leasehold owner of a high value flat in Beckermet being sold with a lease of just over 61 years remaining. Jonathan on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Jonathan to invoke his statutory right. Jonathan obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.
Mr and Mrs. Y Dupont owned a first floor apartment in Beckermet in September 2006. The dilemma was if we could approximate the price would likely be to prolong the lease by 90 years. Comparative premises in Beckermet with an extended lease were worth £218,400. The mid-range ground rent payable was £60 collected yearly. The lease ended in 2085. Having 59 years left we approximated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 plus professional charges.
In 2009 we were phoned by Dr A Lee who, having bought a basement apartment in Beckermet in January 2002. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar homes in Beckermet with a long lease were worth £205,000. The average ground rent payable was £50 billed annually. The lease ran out on 13 March 2105. Having 79 years left we calculated the compensation to the landlord for the lease extension to be between £7,600 and £8,800 exclusive of expenses.