The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Billericay may extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Billericay lease extension. Putting off the costs now simply increases the price you will ultimately have to pay to extend the lease.
It is generally accepted that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| TSB | |
| Virgin |
Retaining our service will provide you increased control over the value of your Billericay leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the landlord of her ground floor apartment in Billericay, Katie started the lease extension process just as the lease was approaching the critical 80-year threshold. The lease extension was concluded in September 2009. The landlord’s fees were kept to an absolute minimum.
In 2009 we were contacted by Mr and Mrs. M Thompson who, having purchased a basement apartment in Billericay in March 2012. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable homes in Billericay with 100 year plus lease were valued around £173,800. The mid-range amount of ground rent was £60 collected quarterly. The lease ran out in 2081. Considering the 55 years remaining we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.
Dr F Lee took over the lease of a one bedroom flat in Billericay in November 2005. The question was if we could estimate the premium would likely be for a 90 year lease extension. Identical flats in Billericay with a long lease were valued about £235,200. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ended in 2092. Having 66 years remaining we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.