Bayswater Lease Extension - Free Consultation

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Why you should start your Bayswater lease extension

Top reasons for lease extension now:

A Bayswater leasehold property depreciates with the years remaining on the lease.

When it comes to residential leasehold property in Bayswater, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably once there are fewer than eighty years remaining. Anyone in Bayswater with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. When a lease has under eighty years remaining, under the current statute the landlord can calculate and charge a larger amount, assessed on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not grant a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that many flats in Bayswater were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Lender Requirement
Barclays plc Mortgage term plus 25 years
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
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.

What makes us experts in Bayswater lease extensions?

Engaging our service gives you better control over the value of your Bayswater 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.

Bayswater Lease Extension Example Cases:

Mason, Bayswater, London

Half a year ago Mason, started to get close to the eighty-year mark with the lease on his leasehold flat in Bayswater. In buying his property two decades ago, the unexpired term was of minimal concern. Luckily, he recognised he would imminently be paying an escalated premium for a lease extension. Mason was able to extend his lease just in the nick of time last January. Mason and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had gone below 80 years, the amount would have gone up by a minimum £975.

Bayswater case:

Last Winter we were called by Mrs G Morgan , who acquired a one bedroom apartment in Bayswater in January 2002. We are asked if we could estimate the price would be for a 90 year lease extension. Identical premises in Bayswater with a long lease were worth £166,400. The mid-range ground rent payable was £60 billed per annum. The lease elapsed in 2073. Considering the 54 years left we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.

Decision in Kensington and Chelsea

An example of a Lease Extension matter before the tribunal for a Bayswater property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case affected 1 flat. The remaining number of years on the lease was 37.79 years.