Bilston and Bradley leases on residential deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Bilston and Bradley will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some cases you may not be entitled. There are also strict deadlines and formalities to comply with once the process has started so it’s prudent to be guided by a conveyancer during the process.
It is generally considered that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Using our service will provide you better control over the value of your Bilston and Bradley leasehold, as your property will be more valuable and saleable in terms 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.
Off the back of lengthy correspondence with the landlord of her ground floor flat in Bilston and Bradley, Jessica initiated the lease extension process just as the lease was coming close to the crucial 80-year deadline. The legal work completed in April 2012. The freeholder’s charges were negotiated to slightly above 650 pounds.
In 2011 we were called by Mr Aaron Rivera who, having moved into a one bedroom apartment in Bilston and Bradley in November 2007. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable premises in Bilston and Bradley with a long lease were in the region of £181,600. The average ground rent payable was £55 invoiced per annum. The lease finished on 15 August 2078. Considering the 52 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of costs.
Last year we were called by Dr O Sánchez , who purchased a first floor apartment in Bilston and Bradley in August 1997. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical properties in Bilston and Bradley with an extended lease were valued around £290,000. The average ground rent payable was £45 invoiced per annum. The lease lapsed on 8 November 2098. Having 72 years left we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 plus fees.