Bilston leases on domestic deteriorating in value. Where your lease has approximately ninety years unexpired, 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 start paying an additional element called marriage value. Flat owners in Bilston will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| TSB | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Bilston,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bilston valuers.
Alexander was the the leasehold owner of a conversion flat in Bilston on the market with a lease of just over 61 years outstanding. Alexander informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Alexander to invoke his statutory right. Alexander procured expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2014 we were e-mailed by Mr and Mrs. M Flores who, having took over the lease of a newly refurbished apartment in Bilston in June 2008. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative flats in Bilston with an extended lease were worth £191,400. The average amount of ground rent was £55 collected quarterly. The lease concluded on 6 January 2080. Considering the 54 years left we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 exclusive of fees.
Mr L Davis bought a one bedroom apartment in Bilston in September 2011. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Bilston with 100 year plus lease were valued around £295,000. The average ground rent payable was £45 billed every twelve months. The lease elapsed on 9 July 2100. Taking into account 74 years remaining we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.