Batheaston leases on residential properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls below eighty years - otherwise a higher premium will be payable. Flat owners in Batheaston will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some cases you may not qualify. There are prescribed timetables and formalities to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Batheaston,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Batheaston valuers.
In the wake of eight months of protracted correspondence with the landlord of her garden flat in Batheaston, Charlotte initiated the lease extension process just as her lease was nearing the crucial 80-year mark. The transaction was finalised in March 2008. The landlord’s charges were kept to an absolute minimum.
Dr Lucas Hall owned a one bedroom apartment in Batheaston in October 2010. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparable residencies in Batheaston with 100 year plus lease were worth £257,800. The average amount of ground rent was £65 billed per annum. The lease terminated in 2091. Having 65 years outstanding we calculated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 plus expenses.
Last month we were e-mailed by Mr and Mrs. L Martinez , who took over the lease of a one bedroom apartment in Batheaston in August 2008. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative premises in Batheaston with a long lease were valued about £191,400. The mid-range ground rent payable was £55 billed per annum. The lease elapsed on 25 November 2080. Considering the 54 years left we calculated the premium to the landlord for the lease extension to be between £34,200 and £39,600 not including fees.