Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Bishops Cleeve. Inevitably, the length of lease left reduces as time goes by. This may pass by relatively unnoticed when the property has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Bishops Cleeve have the legal entitlement to extend the lease for an additional ninety years under statute. Please give careful attention before putting off your Bishops Cleeve lease extension. Holding off the cost now only increases the price you will eventually incur to extend your lease
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Bishops Cleeve can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Bishops Cleeve lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the freeholder of her two bedroom apartment in Bishops Cleeve, Paige started the lease extension process as the 80 year mark was fast approaching. The legal work completed in April 2006. The freeholder’s charges were negotiated to slightly above 600 pounds.
Mr and Mrs. T Cook completed a studio apartment in Bishops Cleeve in October 2010. The question was if we could estimate the price could be to extend the lease by ninety years. Comparable premises in Bishops Cleeve with a long lease were valued around £223,400. The average ground rent payable was £60 collected yearly. The lease lapsed in 2083. Taking into account 59 years remaining we estimated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 not including costs.
Dr D Garcia moved into a basement flat in Bishops Cleeve in June 2010. The question was if we could estimate the premium could be to extend the lease by an additional years. Similar flats in Bishops Cleeve with an extended lease were in the region of £205,000. The average ground rent payable was £50 invoiced every twelve months. The lease concluded on 23 October 2103. Considering the 79 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.