With a domestic leasehold premises in Bishops Cleeve, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably when there are fewer than 80 years remaining. Anyone in Bishops Cleeve with a lease drawing near to 81 years left should seriously consider extending it without delay. When a lease has below 80 years left, under the current legislation the freeholder can calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is due.
Leasehold properties in Bishops Cleeve with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Bishops Cleeve can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 a wealth of experience 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.
Leon was the the leasehold owner of a conversion flat in Bishops Cleeve being marketed with a lease of a little over 59 years unexpired. Leon informally spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Leon to invoke his statutory right. Leon obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
In 2012 we were e-mailed by Mr M Davies who, having moved into a ground floor apartment in Bishops Cleeve in April 1998. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical premises in Bishops Cleeve with 100 year plus lease were valued about £198,800. The average amount of ground rent was £55 invoiced per annum. The lease ended in 2081. Given that there were 55 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of expenses.
Last Summer we were e-mailed by Mrs Alicia David , who was assigned a lease of a purpose-built flat in Bishops Cleeve in January 2004. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Comparative properties in Bishops Cleeve with 100 year plus lease were in the region of £295,000. The average amount of ground rent was £45 invoiced annually. The lease came to a finish on 20 May 2101. Given that there were 75 years left we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.