Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Bessacarr. Clearly, the length of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Bessacarr have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Do give careful attention before delaying your Bessacarr lease extension. Holding off the cost now only increases the price you will eventually incur to extend your lease
It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| The Mortgage Works |
Engaging our service gives you better control over the value of your Bessacarr 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 have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Austin was the the leasehold owner of a studio apartment in Bessacarr being sold with a lease of just over 59 years left. Austin on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Austin to exercise his statutory right. Austin procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Dr S Thomas purchased a ground floor flat in Bessacarr in March 2012. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Comparative flats in Bessacarr with an extended lease were worth £243,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease came to a finish on 21 February 2089. Considering the 63 years unexpired we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of costs.
In 2011 we were contacted by Dr O Mason who, having was assigned a lease of a first floor apartment in Bessacarr in August 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Bessacarr with 100 year plus lease were valued around £181,600. The mid-range amount of ground rent was £55 billed yearly. The lease termination date was in 2078. Taking into account 52 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including expenses.