Birstall leases on residential properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be payable. Leasehold owners in Birstall will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some cases you may not be entitled. There are prescribed deadlines and steps to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Birstall with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works |
Engaging our service gives you increased control over the value of your Birstall leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Dexter, started to get close to the eighty-year mark with the lease on his purpose- built flat in Birstall. In buying his property two decades ago, the lease term was of little concern. As luck would have it, he noticed he needed to take action soon on a lease extension. Dexter arranged for a lease extension at the eleventh hour in August. Dexter and the landlord who owned the flat above eventually agreed on a premium of £5,500 . If the lease had gone to less than 80 years, the premium would have become more costly by a minimum £1,100.
Last April we were contacted by Mr and Mrs. V Wood , who was assigned a lease of a recently refurbished flat in Birstall in April 2006. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Similar residencies in Birstall with an extended lease were worth £300,000. The mid-range amount of ground rent was £50 collected monthly. The lease ran out in 2102. Given that there were 76 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.
Last Winter we were phoned by Mr and Mrs. K González , who was assigned a lease of a one bedroom flat in Birstall in June 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative premises in Birstall with 100 year plus lease were valued around £257,800. The average ground rent payable was £65 invoiced quarterly. The lease ran out on 5 October 2091. Having 65 years left we estimated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 not including costs.