Billericay leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Billericay tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Billericay you really ought to see if your lease has between 70 and 90 years left. There are good reasons why a Billericay flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Nationwide Building Society |
Irrespective of whether you are a tenant or a landlord in Billericay,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Billericay valuers.
Dexter was the the leasehold owner of a 2 bedroom flat in Billericay being marketed with a lease of fraction over 59 years remaining. Dexter on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Dexter to invoke his statutory right. Dexter procured expert legal guidance and secured satisfactory deal informally and sell the flat.
Mr and Mrs. J Lewis took over the lease of a one bedroom flat in Billericay in February 2005. The question was if we could estimate the price would be to extend the lease by ninety years. Identical properties in Billericay with a long lease were in the region of £218,000. The average ground rent payable was £45 collected per annum. The lease finished in 2089. Having 63 years unexpired we calculated the premium to the landlord to extend the lease to be between £17,100 and £19,800 not including legals.
Mr Seth López took over the lease of a ground floor flat in Billericay in July 1998. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Identical flats in Billericay with a long lease were worth £265,000. The average amount of ground rent was £55 collected yearly. The lease concluded on 23 March 2100. Considering the 74 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.