Babbacombe leases on residential properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Babbacombe will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Santander | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Engaging our service gives you enhanced control over the value of your Babbacombe leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted discussions with the freeholder of her one bedroom flat in Babbacombe, Imogen initiated the lease extension process as the 80 year deadline was swiftly advancing. The lease extension was concluded in July 2005. The freeholder’s costs were kept to an absolute minimum.
Last Winter we were phoned by Mr and Mrs. M Martinez , who completed a basement apartment in Babbacombe in June 1995. The question was if we could estimate the premium would be for a ninety year extension to my lease. Comparable premises in Babbacombe with 100 year plus lease were worth £265,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease terminated on 14 June 2099. Having 73 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.
Ms R Campbell acquired a one bedroom flat in Babbacombe in January 2005. The dilemma was if we could estimate the price would be to extend the lease by 90 years. Comparable homes in Babbacombe with a long lease were valued around £264,000. The average amount of ground rent was £60 billed yearly. The lease expiry date was on 26 September 2079. Considering the 53 years unexpired we estimated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of professional charges.