The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bamber Bridge may extend the lease for a further ninety years under Leasehold Reform legislation. Please think carefully before delaying your Bamber Bridge lease extension. Putting off the costs now simply escalates the premium you will ultimately have to pay for a lease extension.
Leasehold premises in Bamber Bridge with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Bamber Bridge can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.
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 procuring Bamber Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the freeholder of her leasehold apartment in Bamber Bridge, Poppy initiated the lease extension process as the 80 year deadline was quickly nearing. The lease extension was concluded in June 2014. The landlord’s fees were kept to an absolute minimum.
In 2014 we were e-mailed by Mr I López who, having bought a basement flat in Bamber Bridge in May 2002. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative properties in Bamber Bridge with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £45 billed quarterly. The lease lapsed on 15 March 2095. Taking into account 70 years unexpired we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including professional charges.
Mr and Mrs. I King acquired a first floor apartment in Bamber Bridge in September 2005. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Identical properties in Bamber Bridge with an extended lease were valued around £218,400. The mid-range ground rent payable was £60 billed quarterly. The lease terminated in 2084. Considering the 59 years unexpired we calculated the premium to the landlord to extend the lease to be within £27,600 and £31,800 not including legals.