For those whose Bartley Green property is held on a long lease, the message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.
Leasehold premises in Bartley Green with over 100 years remaining 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| National Westminster Bank |
Lease extensions in Bartley Green can be a difficult process. We recommend you secure 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 dealing with Bartley Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Milo, came critically near to the 80-year mark with the lease on his one bedroom flat in Bartley Green. Having purchased his property twenty years previously, the length of the lease was of little bearing. Luckily, he became aware that he needed to take steps soon on a lease extension. Milo arranged for a lease extension at the eleventh hour in July. Milo and the landlord ultimately settled on sum of £5,500 . If the lease had slid to less than eighty years, the premium would have become more exhorbitant by at least £875.
Mrs Jodie David purchased a one bedroom flat in Bartley Green in May 2001. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparable flats in Bartley Green with an extended lease were in the region of £198,800. The average amount of ground rent was £55 invoiced quarterly. The lease came to a finish on 22 April 2081. Having 55 years outstanding we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 not including expenses.
Mr and Mrs. Y Flores was assigned a lease of a studio flat in Bartley Green in March 2000. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative homes in Bartley Green with a long lease were valued around £295,000. The average amount of ground rent was £50 collected annually. The lease expired on 9 January 2101. Given that there were 75 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.