Billingshurst leases on domestic deteriorating in value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Billingshurst will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Retaining our service will provide you increased control over the value of your Billingshurst leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy negotiations with the freeholder of her two bedroom flat in Billingshurst, Danielle commenced the lease extension process as the eighty year threshold was swiftly coming. The legal work was concluded in April 2013. The freeholder’s fees were restricted to a tad over 450 pounds.
In 2010 we were called by Mr and Mrs. G Parker who, having owned a newly refurbished apartment in Billingshurst in February 1997. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Billingshurst with 100 year plus lease were valued around £181,600. The mid-range ground rent payable was £55 billed monthly. The lease concluded in 2077. Given that there were 52 years outstanding we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus expenses.
In 2010 we were phoned by Dr Ryan Michel who, having moved into a one bedroom flat in Billingshurst in October 2006. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparable premises in Billingshurst with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £45 invoiced annually. The lease expiry date was in 2097. Considering the 72 years unexpired we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of costs.