Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Bourne End. Inevitably, the length of lease left shortens over time. This may slip by relatively unnoticed when the property needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying leaseholders in Bourne End have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give careful attention before delaying your Bourne End lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease
It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Bourne End can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 Bourne End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy discussions with the freeholder of her two bedroom apartment in Bourne End, Jordan started the lease extension process as the eighty year mark was rapidly nearing. The lease extension was finalised in October 2013. The landlord’s costs were negotiated to a tad over four hundred pounds.
Dr V Michel acquired a studio apartment in Bourne End in October 1998. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative properties in Bourne End with an extended lease were worth £261,600. The average ground rent payable was £60 collected annually. The lease came to a finish in 2078. Taking into account 52 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 plus fees.
In 2013 we were approached by Mr and Mrs. A Parker who, having was assigned a lease of a basement apartment in Bourne End in January 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Bourne End with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 billed monthly. The lease elapsed on 20 May 2089. Having 63 years remaining we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 plus legals.