There is no doubt about it a leasehold flat or house in Bedminster is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Bedminster will qualify for this right; that being said a conveyancing solicitor can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Santander | |
| Skipton Building Society |
Using our service will provide you enhanced control over the value of your Bedminster leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Aarav owned a conversion apartment in Bedminster being sold with a lease of fraction over fifty eight years left. Aarav informally contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.
In 2013 we were contacted by Dr Isabelle Johnson who, having was assigned a lease of a studio flat in Bedminster in January 1999. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Comparative residencies in Bedminster with a long lease were in the region of £191,400. The mid-range ground rent payable was £55 billed monthly. The lease elapsed in 2080. Taking into account 54 years outstanding we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 plus expenses.
Last October we were approach by Mr and Mrs. D Rodríguez , who moved into a first floor flat in Bedminster in April 1998. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparable premises in Bedminster with a long lease were valued around £295,000. The mid-range amount of ground rent was £45 invoiced annually. The lease expired on 17 January 2100. Having 74 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.