The only way is down when it comes to Baschurch lease terms. Baschurch properties that have a remaining term lower than 80 years will drop in value even faster, and the cost of extending your lease will increase.
Leasehold residencies in Baschurch with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Baschurch,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Baschurch valuers.
Following lengthy correspondence with the freeholder of her leasehold apartment in Baschurch, Morgan commenced the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was concluded in June 2010. The freeholder’s fees were kept to an absolute minimum.
Dr L Ricardo acquired a one bedroom apartment in Baschurch in September 2011. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparable properties in Baschurch with a long lease were worth £275,000. The mid-range ground rent payable was £55 collected every twelve months. The lease end date was in 2103. Taking into account 77 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.
In 2013 we were phoned by Mrs Bethan Anderson who, having bought a ground floor apartment in Baschurch in May 2012. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar homes in Baschurch with an extended lease were worth £183,600. The average amount of ground rent was £65 invoiced monthly. The lease came to a finish on 15 May 2083. Given that there were 57 years left we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of legals.