Unfortunately that a Bidford On Avon residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Bidford On Avon property market.Once your lease nears 85ish years, you should start considering a lease extension. If the number of years remaining drops below 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Bidford On Avon will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer throughout the process.
Leasehold premises in Bidford On Avon with over one hundred years remaining 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 |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you enhanced control over the value of your Bidford On Avon leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of unsuccessful correspondence with the landlord of her purpose-built apartment in Bidford On Avon, Katherine commenced the lease extension process just as the lease was coming close to the crucial 80-year mark. The transaction completed in April 2015. The landlord’s costs were restricted to slightly above six hundred pounds.
Dr Caleb King bought a ground floor flat in Bidford On Avon in August 1995. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparative residencies in Bidford On Avon with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £55 collected per annum. The lease terminated in 2102. Considering the 77 years left we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus legals.
Last Spring we were approach by Mr Evan Torres , who owned a one bedroom flat in Bidford On Avon in July 2003. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical homes in Bidford On Avon with an extended lease were worth £183,600. The average ground rent payable was £65 billed yearly. The lease terminated in 2082. Given that there were 57 years remaining we estimated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.