The only way is down when it comes to Bembridge lease terms. Bembridge leaseholds that have a residual term less than than 80 years will drop in market price even faster, and the cost of extending your lease will go up.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| National Westminster Bank |
Regardless of whether you are a tenant or a freeholder in Bembridge,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bembridge valuers.
Last Autumn Jackson, came very near to the eighty-year mark with the lease on his one bedroom apartment in Bembridge. Having bought his flat two decades ago, the unexpired term was of no bearing. Fortunately, he recognised he needed to take steps soon on a lease extension. Jackson was able to extend his lease at the eleventh hour in June. Jackson and the freeholder ultimately agreed on an amount of £5,500 . If the lease had fallen below 80 years, the amount would have escalated by a minimum £1,100.
In 2014 we were phoned by Dr Jack Anderson who, having owned a one bedroom apartment in Bembridge in September 1997. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Identical flats in Bembridge with 100 year plus lease were in the region of £300,000. The mid-range ground rent payable was £50 collected per annum. The lease terminated in 2101. Taking into account 75 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.
Mrs U Vincent owned a recently refurbished flat in Bembridge in November 2003. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical residencies in Bembridge with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 billed monthly. The lease ended on 14 May 2090. Given that there were 64 years left we calculated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 plus expenses.