The value of Birstall leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than eighty years
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| National Westminster Bank | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Birstall can be a difficult process. We recommend you get guidance from a lawyer and surveyor 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 in-depth market knowledge dealing with Birstall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy correspondence with the freeholder of her leasehold flat in Birstall, Elizabeth started the lease extension process as the eighty year threshold was rapidly advancing. The transaction was finalised in March 2011. The freeholder’s fees were kept to an absolute minimum.
Last year we were phoned by Mrs U Hall , who took over the lease of a studio flat in Birstall in July 2008. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Identical homes in Birstall with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ran out in 2094. Taking into account 68 years outstanding we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.
Last Summer we were contacted by Mr and Mrs. U Wood , who acquired a one bedroom apartment in Birstall in March 2008. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar flats in Birstall with an extended lease were worth £208,600. The average amount of ground rent was £60 billed quarterly. The lease came to a finish on 15 March 2083. Given that there were 57 years left we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus costs.