The re-sale value of a leasehold property in Beaufort is impacted by how many years the lease has left to run. If it is near to or fewer than eighty years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension prior to buying. It is ideal to start the lease extension process when the lease still has 82 years remaining so that formalities can be concluded ahead of the eighty year threshold. Statute entitles Beaufort qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Beaufort can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 Beaufort lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Jack, came precariously near to the 80-year threshold with the lease on his garden flat in Beaufort. In buying his flat two decades ago, the length of the lease was of minimal importance. As luck would have it, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Jack arranged for a lease extension at the eleventh hour in March. Jack and the freeholder via the managing agents subsequently agreed on an amount of £6,000 . If he failed to meet the deadline, the amount would have escalated by at least £1,050.
Mr and Mrs. Y Turner bought a first floor apartment in Beaufort in September 2010. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable properties in Beaufort with an extended lease were worth £257,800. The average ground rent payable was £65 invoiced monthly. The lease elapsed in 2091. Having 65 years as a residual term we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 not including legals.
In 2009 we were called by Ms Jodie Martinez who, having owned a basement apartment in Beaufort in November 1998. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Identical premises in Beaufort with 100 year plus lease were in the region of £191,400. The average amount of ground rent was £55 billed quarterly. The lease ended in 2080. Considering the 54 years remaining we estimated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 exclusive of fees.