Bispham leases on domestic properties are gradually losing value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the existing lease drops under 80 years - otherwise a higher premium will be payable. Leasehold owners in Bispham will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Bispham with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a freeholder in Bispham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bispham valuers.
Off the back of unsuccessful negotiations with the freeholder of her one bedroom flat in Bispham, Chantelle commenced the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The legal work was concluded in June 2011. The landlord’s costs were kept to an absolute minimum.
Last November we were approach by Dr Jessica Robinson , who was assigned a lease of a studio flat in Bispham in February 2002. The dilemma was if we could approximate the price would be to extend the lease by a further 90 years. Comparable homes in Bispham with an extended lease were in the region of £227,800. The average ground rent payable was £45 billed per annum. The lease terminated on 26 November 2090. Taking into account 65 years left we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.
Mr Jack Moreau acquired a first floor apartment in Bispham in November 1997. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Bispham with a long lease were worth £275,000. The mid-range amount of ground rent was £55 collected annually. The lease expired in 2101. Having 76 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.