The nearer a domestic lease in Bickley gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, over one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Bickley will qualify for this right; nevertheless a conveyancing solicitor will be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Bickley with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
Regardless of whether you are a tenant or a freeholder in Bickley,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bickley valuers.
During the course of the last few months Luca, came perilously near to the 80-year threshold with the lease on his first floor flat in Bickley. In buying his flat 18 years previously, the length of the lease was of little concern. Fortunately, he became aware that he would soon be paying way over the odds for Extending the lease. Luca was able to extend his lease at the eleventh hour last June. Luca and the freeholder in the end settled on a premium of £6,000 . If he not met the deadline, the figure would have gone up by at least £925.
Last Winter we were e-mailed by Dr Jamie Morris , who took over the lease of a recently refurbished apartment in Bickley in July 2007. The dilemma was if we could approximate the price would be to extend the lease by a further 90 years. Identical premises in Bickley with 100 year plus lease were valued around £280,000. The average amount of ground rent was £55 billed per annum. The lease termination date was on 22 May 2104. Considering the 78 years remaining we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.
An example of a Lease Extension case 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 affected 1 flat. The unexpired lease term was 50.57 years.