Bletchley leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Bletchley enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Bletchley you would be well advised to see if your lease has between seventy and 90 years left. There are good reasons why a Bletchley flat owner with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Skipton Building Society |
Lease extensions in Bletchley can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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 procuring Bletchley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the freeholder of her basement flat in Bletchley, Eleanor commenced the lease extension process just as the lease was nearing the critical eighty-year threshold. The lease extension was concluded in July 2014. The landlord’s charges were negotiated to under 650 pounds.
Last Winter we were phoned by Mr Callum Murphy , who purchased a basement apartment in Bletchley in October 1998. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical properties in Bletchley with 100 year plus lease were valued about £260,000. The mid-range ground rent payable was £50 billed yearly. The lease ran out on 28 August 2098. Taking into account 72 years outstanding we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.
In 2009 we were called by Dr Milo Bailey who, having was assigned a lease of a newly refurbished apartment in Bletchley in June 2012. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable properties in Bletchley with 100 year plus lease were valued about £261,600. The average ground rent payable was £60 billed monthly. The lease ended on 13 May 2078. Given that there were 52 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of costs.