With a residential leasehold property in Bebington, you are actually purchasing a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years left. Anyone in Bebington with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. When the lease term has below eighty years remaining, under the current statute the freeholder is entitled to calculate and levy a larger premium, based on a technical calculation, known as “marriage value” which is payable.
Leasehold premises in Bebington with in excess of 100 years outstanding 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Bebington can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 a wealth of experience dealing with Bebington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy discussions with the freeholder of her one bedroom flat in Bebington, Leah initiated the lease extension process just as the lease was coming close to the critical 80-year deadline. The transaction was finalised in August 2005. The landlord’s fees were kept to an absolute minimum.
In 2014 we were contacted by Dr Andrew Michel who, having moved into a studio apartment in Bebington in July 2009. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative premises in Bebington with an extended lease were valued about £174,200. The average amount of ground rent was £55 billed per annum. The lease elapsed in 2077. Considering the 51 years unexpired we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of fees.
Mr and Mrs. G Michel completed a garden apartment in Bebington in March 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Identical homes in Bebington with 100 year plus lease were valued around £285,000. The mid-range amount of ground rent was £45 collected per annum. The lease termination date was in 2097. Having 71 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus professional charges.