There is no doubt about it a leasehold flat or house in Bacup is a wasting asset as a result of the shortening lease. Where the residual term has, over one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Most flat owners in Bacup will qualify for this right; that being said a conveyancing solicitor will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Bacup can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.
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 dealing with Bacup lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Aiden, started to get close to the eighty-year mark with the lease on his studio apartment in Bacup. Having bought his flat two decades ago, the lease term was of no interest. Fortunately, he realised he needed to take action soon on a lease extension. Aiden was able to extend his lease at the eleventh hour last March. Aiden and the freeholder ultimately agreed on sum of £5,000 . If he not met the deadline, the figure would have escalated by a minimum £1,100.
Last Spring we were called by Mr L García , who bought a basement flat in Bacup in June 1995. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Similar premises in Bacup with an extended lease were valued about £208,200. The average amount of ground rent was £65 billed monthly. The lease came to a finish on 24 March 2087. Taking into account 61 years unexpired we estimated the premium to the landlord for the lease extension to be within £20,000 and £23,000 plus fees.
In 2012 we were called by Dr Dylan Murphy who, having owned a garden apartment in Bacup in March 2004. The question was if we could approximate the premium could be to extend the lease by an additional years. Identical flats in Bacup with an extended lease were valued around £260,000. The mid-range amount of ground rent was £50 billed annually. The lease ran out on 17 April 2098. Having 72 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.