Bickley leases on residential deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Bickley will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Bickley with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Bickley can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer 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 Bickley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Aiden, started to get near to the eighty-year threshold with the lease on his first floor apartment in Bickley. In buying his flat twenty years ago, the length of the lease was of no interest. Fortunately, he realised he needed to take action soon on a lease extension. Aiden arranged for a lease extension at the eleventh hour last January. Aiden and the landlord eventually settled on a premium of £5,000 . If he had missed the deadline, the price would have escalated by at least £1,150.
Last Autumn we were approach by Mrs E Laurent , who took over the lease of a purpose-built apartment in Bickley in May 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Similar homes in Bickley with 100 year plus lease were valued around £186,000. The mid-range amount of ground rent was £65 billed yearly. The lease finished on 28 February 2084. Considering the 58 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 not including professional charges.
An example of a Lease Extension decision 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 number of years remaining on the existing lease(s) was 50.57 years.