The only way is down when it comes to Bickley lease terms. Bickley properties that have a lease term less than than eighty years will drop in value at a rapid rate, and the cost to extend your lease will rise.
Leasehold properties in Bickley with in excess of one hundred 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 premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you better control over the value of your Bickley leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide 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.
During the course of the last few months Jackson, came very close to the 80-year mark with the lease on his one bedroom flat in Bickley. In buying his property two decades ago, the lease term was of no interest. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Jackson arranged for a lease extension just under the wire last April. Jackson and the freeholder via the management company in the end settled on a premium of £5,500 . If the lease had fallen to less than eighty years, the amount would have become more costly by a minimum £875.
Dr Eliot García purchased a garden apartment in Bickley in September 2000. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparative premises in Bickley with an extended lease were worth £285,000. The average ground rent payable was £55 billed annually. The lease finished in 2105. Having 79 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.
An example of a Lease Extension matter before the tribunal for a Bickley flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired term was 50.57 years.