The re-sale value of a leasehold property in Belford depends on how long the lease has remaining. If it is close to or fewer than 80 years you should expect problems on re-sale, so it is recommended to arrange for a lease extension before purchasing. It is ideal to start the lease extension process when the lease still has 82 years remaining so that formalities can be concluded well before the 80 year threshold. Leasehold Reform legislation enables Belford qualifying lessees to an additional term of ninety years on top of the existing term, at a peppercorn rent (no ground rent). The intention 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 generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Santander | |
| Skipton Building Society |
Retaining our service will provide you enhanced control over the value of your Belford leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her ground floor flat in Belford, Poppy commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work was finalised in May 2012. The freeholder’s fees were negotiated to slightly above 600 GBP.
In 2012 we were approached by Dr E Rodríguez who, having took over the lease of a first floor flat in Belford in April 2006. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Comparable flats in Belford with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 collected annually. The lease finished in 2093. Given that there were 67 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus professional charges.
Last Summer we were contacted by Dr Thomas Allen , who owned a one bedroom flat in Belford in September 2008. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Similar residencies in Belford with a long lease were in the region of £280,000. The average ground rent payable was £55 billed monthly. The lease came to a finish on 22 January 2104. Given that there were 78 years remaining we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.