The market value of Belton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is less than eighty years
It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| TSB |
Retaining our service will provide you enhanced control over the value of your Belton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
John owned a studio flat in Belton being marketed with a lease of a little over fifty eight years outstanding. John on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were John to invoke his statutory right. John procured expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.
Mr Adam Davies was assigned a lease of a recently refurbished flat in Belton in July 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Belton with an extended lease were worth £181,600. The mid-range ground rent payable was £55 billed per annum. The lease came to a finish in 2078. Having 52 years left we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of expenses.
Last Winter we were phoned by Mr and Mrs. M González , who acquired a purpose-built apartment in Belton in September 2012. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparable flats in Belton with 100 year plus lease were valued about £285,000. The mid-range ground rent payable was £45 invoiced yearly. The lease expiry date was on 9 August 2098. Given that there were 72 years unexpired we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus legals.