Bishops Waltham leases on residential deteriorating in value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Bishops Waltham will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some situations you may not qualify. There are also strict timetables and formalities to comply with once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Bishops Waltham with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Bishops Waltham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bishops Waltham valuers.
In the wake of 9 months of lengthy correspondence with the freeholder of her garden apartment in Bishops Waltham, Poppy initiated the lease extension process as the 80 year mark was fast approaching. The transaction was concluded in October 2010. The landlord’s charges were restricted to approximately 500 GBP.
Last year we were e-mailed by Dr Jasmine Martínez , who purchased a garden flat in Bishops Waltham in June 2011. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative properties in Bishops Waltham with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease lapsed on 26 August 2101. Given that there were 75 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.
Mr A Morel owned a purpose-built flat in Bishops Waltham in May 2012. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Similar properties in Bishops Waltham with 100 year plus lease were valued about £250,400. The mid-range amount of ground rent was £65 collected annually. The lease ran out in 2090. Given that there were 64 years unexpired we calculated the premium to the landlord to extend the lease to be between £19,000 and £22,000 plus costs.