With a residential leasehold property in Avonmouth, you are actually buying an entitlement to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Anyone in Avonmouth with a lease drawing near to 81 years unexpired should seriously think of extending it sooner rather than later. Once a lease has under 80 years remaining, under the current statute the freeholder is entitled to calculate and levy a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Avonmouth can be a difficult process. We recommend you secure guidance from a conveyancer 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 in-depth market knowledge dealing with Avonmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the landlord of her studio flat in Avonmouth, Zoe initiated the lease extension process as the eighty year deadline was quickly coming. The transaction was concluded in July 2008. The landlord’s costs were kept to an absolute minimum.
In 2009 we were e-mailed by Mr and Mrs. W Nguyen who, having bought a ground floor flat in Avonmouth in July 1997. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparative flats in Avonmouth with an extended lease were worth £208,200. The average amount of ground rent was £65 collected monthly. The lease elapsed on 21 August 2087. Having 61 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 plus expenses.
In 2011 we were approached by Dr Natalie Hernández who, having owned a first floor apartment in Avonmouth in September 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Identical flats in Avonmouth with an extended lease were worth £260,000. The average ground rent payable was £50 billed every twelve months. The lease elapsed in 2098. Given that there were 72 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.