Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Bewdley. Clearly, the term of lease remaining reduces over time. This is often ignored and only becomes a problem when the property has to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Eligible long lease owners in Bewdley have the right to extend the lease for a further 90 years in accordance with legislation. Do give due deliberation before putting off your Bewdley lease extension. Holding off the cost now likely increases the price you will eventually have to pay to extend your lease
Leasehold premises in Bewdley with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Bewdley can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Bewdley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of unsuccessful correspondence with the landlord of her first floor apartment in Bewdley, Erin commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction completed in July 2010. The landlord’s costs were kept to an absolute minimum.
In 2012 we were approached by Mr and Mrs. U Vincent who, having took over the lease of a purpose-built apartment in Bewdley in August 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparative premises in Bewdley with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 billed quarterly. The lease terminated in 2101. Having 75 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.
In 2013 we were approached by Mr Leo Garcia who, having moved into a basement flat in Bewdley in November 2006. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Identical flats in Bewdley with a long lease were in the region of £168,800. The average amount of ground rent was £60 billed monthly. The lease expired on 2 January 2081. Taking into account 55 years outstanding we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of expenses.