Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Binstead. Clearly, the period of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Binstead have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give careful consideration before putting off your Binstead lease extension. Putting off that expense now likely increases the price you will eventually incur to extend your lease
It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Binstead can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Binstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Tyler, came very near to the eighty-year threshold with the lease on his leasehold flat in Binstead. In buying his flat twenty years ago, the length of the lease was of no significance. by good luck, he recognised he needed to take action soon on a lease extension. Tyler extended the lease just in the nick of time in August. Tyler and the landlord who owned the flat above in the end agreed on the final figure of £6,000 . If he failed to meet the deadline, the price would have gone up by a minimum £950.
Mr and Mrs. N Moore owned a purpose-built apartment in Binstead in April 1995. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical premises in Binstead with a long lease were in the region of £237,600. The average amount of ground rent was £45 invoiced yearly. The lease ran out in 2092. Given that there were 67 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus professional charges.
In 2012 we were contacted by Mr and Mrs. V Bonnet who, having completed a garden apartment in Binstead in November 1999. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable homes in Binstead with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed annually. The lease came to a finish in 2103. Having 78 years outstanding we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.