As the length of the unexpired term of a Biddenham domestic lease diminished so does its value and therefore the value of your property. Where the lease has, in excess of one hundred years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease sooner rather than later. Most flat owners in Biddenham will meet the qualifying criteria; that being said a conveyancing solicitor can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Biddenham with over one hundred years left on the lease are sometimes regarded as a ‘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 buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| TSB | |
| Virgin |
The lawyers that we work with undertake Biddenham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Last October Evan, started to get near to the 80-year mark with the lease on his purpose- built apartment in Biddenham. Having purchased his property 19 years previously, the unexpired term was of minimal significance. Luckily, he recognised he needed to take action soon on Extending the lease. Evan arranged for a lease extension just ahead of time last September. Evan and the landlord eventually settled on the final figure of £6,000 . If the lease had fallen to less than 80 years, the sum would have increased by a minimum £1,000.
Mr and Mrs. E Girard purchased a one bedroom apartment in Biddenham in June 2002. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar residencies in Biddenham with a long lease were in the region of £261,600. The mid-range amount of ground rent was £60 collected yearly. The lease concluded on 17 March 2078. Having 52 years left we approximated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 not including costs.
Last September we were e-mailed by Mr Alexander Díaz , who purchased a basement flat in Biddenham in October 2005. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative properties in Biddenham with a long lease were worth £218,000. The mid-range ground rent payable was £45 billed quarterly. The lease terminated in 2089. Given that there were 63 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.