Baschurch leases on domestic deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be due. Flat owners in Baschurch will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Retaining our service will provide you increased control over the value of your Baschurch leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Jason was the the leasehold owner of a high value apartment in Baschurch on the market with a lease of a few days over fifty eight years unexpired. Jason on an informal basis approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Jason to exercise his statutory right. Jason procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
Last month we were e-mailed by Ms S Williams , who completed a garden flat in Baschurch in May 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable homes in Baschurch with 100 year plus lease were valued about £200,800. The mid-range ground rent payable was £65 billed every twelve months. The lease finished on 11 March 2085. Considering the 60 years outstanding we approximated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 plus fees.
Last Summer we were called by Dr G Bernard , who moved into a purpose-built flat in Baschurch in March 2005. The question was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparable homes in Baschurch with a long lease were valued about £255,000. The average ground rent payable was £50 invoiced monthly. The lease came to a finish on 15 March 2096. Having 71 years left we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.