The market value of Bishopsworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is below than eighty years
Leasehold premises in Bishopsworth with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Bishopsworth can be a difficult process. We recommend you procure guidance 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 in-depth market knowledge dealing with Bishopsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy correspondence with the freeholder of her purpose-built apartment in Bishopsworth, Imogen started the lease extension process just as her lease was coming close to the all-important 80-year deadline. The legal work completed in February 2011. The landlord’s costs were restricted to slightly above 450 pounds.
Mrs Kelsey Morgan acquired a ground floor apartment in Bishopsworth in April 2007. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar flats in Bishopsworth with an extended lease were worth £186,000. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ran out on 26 May 2084. Given that there were 58 years left we approximated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 not including fees.
Mrs J Clarke moved into a recently refurbished apartment in Bishopsworth in June 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Bishopsworth with an extended lease were valued around £250,000. The mid-range ground rent payable was £50 collected monthly. The lease concluded on 3 July 2095. Considering the 69 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.