Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Biggleswade. Clearly, the length of lease left shortens over time. This may slip by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Biggleswade have the right to extend the lease for an additional ninety years in accordance with statute. You should give due attention before delaying your Biggleswade lease extension. Putting off the cost now simply increases the price you will ultimately have to pay for a lease extension
It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Biggleswade can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Biggleswade lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the landlord of her basement apartment in Biggleswade, Chloe started the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The legal work was concluded in May 2007. The freeholder’s charges were restricted to approximately 500 pounds.
Last Christmas we were e-mailed by Dr Jasper Garcia , who was assigned a lease of a one bedroom apartment in Biggleswade in November 2007. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparable flats in Biggleswade with 100 year plus lease were in the region of £176,200. The average ground rent payable was £65 invoiced every twelve months. The lease ended in 2082. Considering the 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 exclusive of expenses.
In 2014 we were contacted by Dr Finley Ward who, having was assigned a lease of a ground floor flat in Biggleswade in September 1998. The question was if we could estimate the price could be for a 90 year lease extension. Similar homes in Biggleswade with 100 year plus lease were valued about £242,600. The mid-range ground rent payable was £45 billed monthly. The lease ended on 8 June 2093. Considering the 67 years outstanding we calculated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 plus professional charges.