When it comes to residential leasehold property in Badminton, you are actually purchasing a right to live in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are fewer than 80 years remaining. Residents in Badminton with a lease drawing near to 81 years left should seriously think of extending it without delay. When a lease has less than eighty years outstanding, under the current legislation the freeholder can calculate and levy a larger amount, based on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold residencies in Badminton with in excess of one hundred years remaining 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 situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society |
The conveyancing solicitors that we work with undertake Badminton 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 lawyer we work with provide it.
Austin was the the leasehold owner of a conversion apartment in Badminton being sold with a lease of fraction over 72 years remaining. Austin informally spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be due on a lease extension were Austin to invoke his statutory right. Austin obtained expert legal guidance and secured satisfactory resolution without going to tribunal and ending up with a market value flat.
Last Christmas we were e-mailed by Mr Jayden King , who bought a purpose-built apartment in Badminton in October 2005. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative premises in Badminton with a long lease were valued around £191,400. The average amount of ground rent was £55 collected yearly. The lease elapsed on 14 November 2080. Having 54 years remaining we approximated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 not including costs.
In 2009 we were called by Mr and Mrs. F Lefebvre who, having took over the lease of a first floor flat in Badminton in August 2000. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Comparative flats in Badminton with a long lease were in the region of £295,000. The average amount of ground rent was £45 billed monthly. The lease elapsed on 16 July 2100. Considering the 74 years remaining we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus costs.