Unfortunately that a Biddenham residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Biddenham property prices.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If the number of years remaining falls below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Biddenham will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
Leasehold premises in Biddenham with in excess of 100 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 home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| Virgin |
Lease extensions in Biddenham can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.
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 in-depth market knowledge dealing with Biddenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Riley was the the leasehold owner of a studio apartment in Biddenham on the market with a lease of a little over 72 years left. Riley on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Riley to invoke his statutory right. Riley procured expert advice and secured an acceptable resolution informally and sell the property.
Mr and Mrs. V Moore moved into a newly refurbished apartment in Biddenham in March 1996. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparative residencies in Biddenham with a long lease were valued about £225,400. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ran out on 25 August 2090. Considering the 64 years unexpired we calculated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 plus expenses.
Last Autumn we were phoned by Dr V Williams , who bought a purpose-built apartment in Biddenham in August 2003. We are asked if we could approximate the price could be to extend the lease by 90 years. Comparative premises in Biddenham with an extended lease were worth £270,000. The average amount of ground rent was £55 billed per annum. The lease terminated on 21 February 2101. Taking into account 75 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.