The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bearsted can extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Bearsted lease extension. Postponing that expense today simply escalates the amount you will ultimately be required to pay to extend the lease.
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
The conveyancing solicitors that we work with undertake Bearsted lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
After protracted discussions with the freeholder of her ground floor apartment in Bearsted, Phoebe initiated the lease extension process as the 80 year threshold was swiftly advancing. The lease extension was finalised in February 2015. The landlord’s fees were negotiated to less than 600 pounds.
Last Summer we were e-mailed by Mr and Mrs. F Bell , who was assigned a lease of a studio apartment in Bearsted in March 2011. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Identical residencies in Bearsted with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease expired on 21 August 2098. Considering the 72 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.
Ms U Parker moved into a one bedroom flat in Bearsted in September 1996. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Similar residencies in Bearsted with an extended lease were in the region of £261,600. The average amount of ground rent was £60 collected every twelve months. The lease expired in 2078. Taking into account 52 years remaining we calculated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 not including legals.