Chances are that if you own a flat in Bishops Cleeve you actually own a long leasehold interest over your property
Leasehold properties in Bishops Cleeve with in excess of 100 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Bishops Cleeve can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 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.
In 2014 Jackson, came precariously near to the 80-year mark with the lease on his studio apartment in Bishops Cleeve. Having purchased his home two decades ago, the length of the lease was of no concern. Luckily, he became aware that he would imminently be paying way over the odds for a lease extension. Jackson extended the lease at the eleventh hour in June. Jackson and the freeholder via the management company subsequently settled on the final figure of £5,500 . If the lease had slid below eighty years, the figure would have gone up by a minimum £1,050.
In 2012 we were called by Dr W Jones who, having completed a one bedroom apartment in Bishops Cleeve in October 2011. The question was if we could estimate the price would be to prolong the lease by 90 years. Identical premises in Bishops Cleeve with an extended lease were worth £280,000. The mid-range ground rent payable was £45 billed quarterly. The lease ended on 22 June 2097. Given that there were 71 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.
Last July we were called by Dr Stanley Roberts , who took over the lease of a one bedroom flat in Bishops Cleeve in June 2007. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar properties in Bishops Cleeve with an extended lease were valued about £225,800. The mid-range amount of ground rent was £60 billed per annum. The lease expired in 2086. Considering the 60 years left we approximated the premium to the freeholder to extend the lease to be within £25,700 and £29,600 exclusive of expenses.