Chances are that if you own a flat in Bishops Cleeve you actually own a long leasehold interest over your property
Leasehold premises in Bishops Cleeve with in excess of 100 years remaining on the lease are sometimes regarded as a ‘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 upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| TSB | |
| Virgin |
Lease extensions in Bishops Cleeve can be a difficult process. We recommend you get 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 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.
Last year Thomas, came perilously close to the eighty-year mark with the lease on his garden apartment in Bishops Cleeve. Having bought his property 18 years ago, the lease term was of no significance. Fortunately, he recognised he needed to take steps soon on Extending the lease. Thomas was able to extend his lease at the eleventh hour last April. Thomas and the freeholder via the managing agents subsequently agreed on sum of £5,000 . If the lease had fallen below 80 years, the figure would have become more exhorbitant by at least £1,100.
Last Winter we were called by Mrs J Young , who completed a one bedroom apartment in Bishops Cleeve in September 2003. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Identical residencies in Bishops Cleeve with an extended lease were valued about £267,600. The average amount of ground rent was £65 invoiced every twelve months. The lease finished on 26 January 2093. Taking into account 67 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of professional charges.
In 2011 we were phoned by Dr W Cooper who, having moved into a studio flat in Bishops Cleeve in August 2002. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparative premises in Bishops Cleeve with a long lease were worth £201,200. The average amount of ground rent was £55 invoiced annually. The lease terminated in 2082. Considering the 56 years remaining we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.