The only way is down when it comes to Almondsbury lease terms. Almondsbury properties that have a residual term shorter than 80 years will drop in market price even faster, and the cost of extending your lease will rise.
Leasehold residencies in Almondsbury with in excess of one hundred 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander |
The conveyancers that we work with procure Almondsbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Off the back of lengthy discussions with the landlord of her purpose-built apartment in Almondsbury, Alice commenced the lease extension process just as the lease was coming close to the critical 80-year mark. The legal work was finalised in June 2009. The landlord’s costs were kept to an absolute minimum.
In 2012 we were contacted by Mr and Mrs. C Nguyen who, having purchased a recently refurbished apartment in Almondsbury in September 2012. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical premises in Almondsbury with a long lease were worth £264,000. The average ground rent payable was £60 invoiced quarterly. The lease end date was in 2079. Taking into account 53 years as a residual term we approximated the premium to the landlord to extend the lease to be between £37,100 and £42,800 plus legals.
Last Spring we were approach by Mr R Lewis , who completed a one bedroom flat in Almondsbury in August 2003. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Similar residencies in Almondsbury with an extended lease were worth £220,400. The mid-range amount of ground rent was £45 billed every twelve months. The lease termination date was in 2090. Having 64 years unexpired we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of expenses.