With a domestic leasehold property in Beacontree Heath, you are actually buying a right to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are less than eighty years remaining. Residents in Beacontree Heath with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has below eighty years remaining, under the relevant statute the landlord is entitled to calculate and charge a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold residencies in Beacontree Heath with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Using our service will provide you enhanced control over the value of your Beacontree Heath 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Adam was the the leasehold proprietor of a studio flat in Beacontree Heath being marketed with a lease of just over fifty eight years left. Adam informally approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Adam to exercise his statutory right. Adam obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Dr P Sharif completed a first floor apartment in Beacontree Heath in April 2000. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative flats in Beacontree Heath with a long lease were in the region of £285,000. The average ground rent payable was £45 billed monthly. The lease ran out in 2097. Having 71 years as a residual term we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.
An example of a Lease Extension case for a Beacontree Heath premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 61.36 years.