As the the remaining lease term of a Bampton domestic lease diminished so does its value and therefore the value of your property. Where the lease has, beyond 99 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Bampton will qualify for this right; nevertheless a conveyancing solicitor will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Bampton can be a difficult process. We recommend you get professional help from a conveyancer 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 in-depth market knowledge procuring Bampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Jack, started to get close to the eighty-year threshold with the lease on his first floor flat in Bampton. Having bought his property two decades ago, the unexpired term was of no bearing. by good luck, he became aware that he needed to take steps soon on Extending the lease. Jack extended the lease just under the wire last September. Jack and the freeholder ultimately agreed on a premium of £5,000 . If the lease had fallen below eighty years, the sum would have escalated by at least £1,150.
In 2013 we were e-mailed by Mr and Mrs. C Jackson who, having bought a studio apartment in Bampton in May 1998. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Comparative properties in Bampton with a long lease were valued around £225,400. The average amount of ground rent was £45 billed annually. The lease lapsed on 23 May 2089. Considering the 64 years remaining we approximated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of expenses.
Last Spring we were e-mailed by Dr V White , who was assigned a lease of a one bedroom apartment in Bampton in May 2010. The question was if we could estimate the price would be to prolong the lease by ninety years. Comparative properties in Bampton with an extended lease were worth £270,000. The average amount of ground rent was £55 invoiced annually. The lease ended in 2100. Given that there were 75 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.