The market value of a leasehold property in Barlaston and Tittensor depends on how long the lease has left to run. If it is near to or fewer than eighty years you should envisage difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of purchasing. Ideally one should start the lease extension process when the lease still has 82 years unexpired so that all matters can be addressed in advance of the 80 year cut off point. Leasehold Reform legislation entitles Barlaston and Tittensor qualifying lessees to an additional term of ninety years on top of the remaining term, at a nominal rent (zero ground rent). The reason of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Halifax | |
| Virgin |
Lease extensions in Barlaston and Tittensor can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 dealing with Barlaston and Tittensor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Benjamin, came critically close to the 80-year mark with the lease on his garden flat in Barlaston and Tittensor. In buying his home 18 years ago, the length of the lease was of no significance. Thankfully, it dawned on him that he would soon be paying way over the odds for Extending the lease. Benjamin arranged for a lease extension just under the wire last June. Benjamin and the landlord eventually settled on an amount of £6,000 . If the lease had slid below eighty years, the price would have gone up by a minimum £875.
Last Autumn we were contacted by Mrs Sophie Stewart , who moved into a one bedroom flat in Barlaston and Tittensor in April 1996. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Identical flats in Barlaston and Tittensor with an extended lease were worth £201,200. The average ground rent payable was £55 billed every twelve months. The lease concluded on 23 May 2082. Having 56 years remaining we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus costs.
Last Christmas we were phoned by Dr C Petit , who owned a ground floor flat in Barlaston and Tittensor in July 2009. The question was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Identical homes in Barlaston and Tittensor with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 invoiced per annum. The lease expired in 2102. Having 76 years unexpired we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.