With a domestic leasehold property in Bideford, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than 80 years left. Residents in Bideford with a lease approaching 81 years left should seriously think of extending it as soon as possible. Once a lease has below 80 years left, under the relevant Act the freeholder is entitled to calculate and charge a larger amount, based on a technical computation, known as “marriage value” which is payable.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Bideford,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bideford valuers.
Finley was the the leasehold proprietor of a 2 bedroom flat in Bideford on the market with a lease of a few days over 72 years left. Finley on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Finley to invoke his statutory right. Finley obtained expert legal guidance and secured an acceptable resolution informally and sell the flat.
Dr Laura Lefèvre purchased a basement flat in Bideford in March 2009. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Similar flats in Bideford with a long lease were worth £216,000. The average ground rent payable was £60 billed every twelve months. The lease concluded in 2084. Having 58 years left we estimated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including costs.
Ms Tia Mercier purchased a purpose-built flat in Bideford in November 2008. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Identical properties in Bideford with an extended lease were worth £205,000. The average ground rent payable was £50 billed annually. The lease elapsed in 2105. Considering the 79 years remaining we calculated the compensation to the landlord for the lease extension to be between £7,600 and £8,800 exclusive of legals.