Unfortunately that a Beddau residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Beddau property market.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be payable. Most leasehold owners in Beddau will be able to extend under the legislation; however a conveyancer should be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold residencies in Beddau with over 100 years remaining 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Beddau,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Beddau valuers.
Following protracted negotiations with the landlord of her leasehold flat in Beddau, Natalie initiated the lease extension process just as the lease was approaching the crucial 80-year deadline. The legal work was concluded in August 2014. The landlord’s costs were restricted to a tad over four hundred GBP.
Ms Hollie Sánchez purchased a newly refurbished flat in Beddau in October 2012. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by 90 years. Identical flats in Beddau with 100 year plus lease were in the region of £240,600. The average ground rent payable was £65 invoiced every twelve months. The lease expired on 4 November 2087. Having 62 years remaining we approximated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of costs.
Mr I Green completed a one bedroom apartment in Beddau in June 2004. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative properties in Beddau with a long lease were in the region of £179,200. The average amount of ground rent was £55 invoiced per annum. The lease ran out in 2076. Given that there were 51 years left we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including legals.