Batheaston leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Batheaston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Batheaston you would be well advised to check if your lease has between 70 and 90 years left. There are good reasons why a Batheaston flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay
Leasehold premises in Batheaston with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Using our service gives you increased control over the value of your Batheaston leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
16 months ago Oliver, came very close to the 80-year mark with the lease on his ground floor apartment in Batheaston. Having bought his home two decades ago, the unexpired term was of little interest. by good luck, he realised he needed to take action soon on a lease extension. Oliver arranged for a lease extension just under the wire in August. Oliver and the landlord subsequently agreed on sum of £5,000 . If the lease had dropped to less than 80 years, the price would have gone up by at least £925.
Last Summer we were contacted by Mr and Mrs. M Howard , who was assigned a lease of a one bedroom apartment in Batheaston in July 2012. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Identical properties in Batheaston with 100 year plus lease were valued about £295,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease expiry date was on 6 March 2099. Taking into account 74 years outstanding we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus legals.
Dr D Ali purchased a garden apartment in Batheaston in June 2004. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparable homes in Batheaston with an extended lease were in the region of £243,000. The mid-range amount of ground rent was £65 billed monthly. The lease came to a finish in 2088. Given that there were 63 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of legals.