There is no doubt about it a leasehold property in Batheaston is a wasting asset as a result of the shortening lease. If the lease has, in excess of one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Batheaston will meet the qualifying criteria; that being said a conveyancing solicitor can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Batheaston can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Batheaston 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 Adam, started to get near to the 80-year mark with the lease on his one bedroom apartment in Batheaston. Having bought his home two decades ago, the length of the lease was of no relevance. Fortunately, he noticed he needed to take steps soon on a lease extension. Adam was able to extend his lease just under the wire last August. Adam and the landlord who owned the flat above in the end settled on an amount of £6,000 . If the lease had dropped lower than 80 years, the amount would have become more exhorbitant by at least £975.
Mrs O Girard acquired a basement flat in Batheaston in April 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical flats in Batheaston with 100 year plus lease were worth £240,600. The average amount of ground rent was £60 invoiced every twelve months. The lease ran out in 2088. Having 62 years left we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 plus professional charges.
Last Summer we were approach by Mr and Mrs. R Flores , who owned a ground floor flat in Batheaston in June 2009. The dilemma was if we could estimate the price could be to extend the lease by 90 years. Similar flats in Batheaston with a long lease were valued about £174,200. The average amount of ground rent was £55 collected yearly. The lease elapsed in 2077. Taking into account 51 years unexpired we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including costs.