Unfortunately that a Batheaston residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Batheaston property market.Once your lease nears 85ish years, you should start considering a lease extension. If lease term dips below eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Batheaston will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the formalities.
Leasehold premises in Batheaston with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank | |
| Santander |
Irrespective of whether you are a tenant or a freeholder in Batheaston,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Batheaston valuers.
Theo owned a high value apartment in Batheaston on the market with a lease of just over 61 years remaining. Theo on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Theo to invoke his statutory right. Theo obtained expert advice and secured an acceptable deal without resorting to tribunal and sell the property.
In 2010 we were phoned by Dr Georgina Lewis who, having took over the lease of a ground floor apartment in Batheaston in April 2006. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative residencies in Batheaston with 100 year plus lease were valued about £171,800. The mid-range ground rent payable was £55 invoiced per annum. The lease termination date was on 6 February 2076. Considering the 50 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus expenses.
Last month we were e-mailed by Ms Y Ali , who owned a ground floor flat in Batheaston in July 2011. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable properties in Batheaston with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed monthly. The lease ended on 6 August 2096. Having 70 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus fees.