There is no doubt about it a leasehold property in Bedmond is a wasting asset as a result of the shortening lease. If the residual term has, over 99 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. Many flat owners in Bedmond will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with undertake Bedmond 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 unsuccessful negotiations with the landlord of her one bedroom flat in Bedmond, Tia initiated the lease extension process just as her lease was coming close to the crucial eighty-year mark. The lease extension was concluded in May 2007. The landlord’s costs were kept to an absolute minimum.
Mrs T Norbert owned a purpose-built flat in Bedmond in April 1998. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative homes in Bedmond with 100 year plus lease were valued about £223,400. The mid-range amount of ground rent was £60 billed quarterly. The lease lapsed in 2084. Considering the 59 years left we calculated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 not including legals.
Mr Seth Díaz owned a garden apartment in Bedmond in August 2009. We are asked if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparable flats in Bedmond with 100 year plus lease were in the region of £205,000. The average amount of ground rent was £50 collected annually. The lease end date was in 2104. Considering the 79 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.