The only way is down when it comes to Bagillt lease terms. Bagillt flats that have a residual term fewer than 80 years will de-escalate in value at a rapid rate, and the cost to extend your lease will go up.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Regardless of whether you are a tenant or a landlord in Bagillt,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bagillt valuers.
Stanley owned a studio flat in Bagillt being marketed with a lease of just over 61 years left. Stanley informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Stanley to exercise his statutory right. Stanley procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Dr B Wilson moved into a recently refurbished flat in Bagillt in September 2012. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable residencies in Bagillt with 100 year plus lease were in the region of £176,200. The mid-range amount of ground rent was £65 collected yearly. The lease ended on 1 November 2080. Considering the 56 years unexpired we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 not including expenses.
Dr O Harris completed a recently refurbished apartment in Bagillt in May 1998. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Bagillt with a long lease were valued about £242,600. The average ground rent payable was £45 billed yearly. The lease elapsed on 14 August 2091. Given that there were 67 years outstanding we estimated the premium to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of legals.