Chances are that if you own a flat in Blagdon you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Blagdon can be a difficult process. We recommend you get professional help from a lawyer 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 dealing with Blagdon 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 Jacob, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Blagdon. Having purchased his home 19 years previously, the lease term was of minimal bearing. Thankfully, he recognised he needed to take action soon on Extending the lease. Jacob arranged for a lease extension just in the nick of time in September. Jacob and the freeholder via the management company subsequently agreed on an amount of £5,000 . If he had missed the deadline, the sum would have become more costly by at least £1,075.
Last Christmas we were e-mailed by Mrs Yasmin Mitchell , who completed a one bedroom apartment in Blagdon in January 2003. 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. Identical residencies in Blagdon with 100 year plus lease were valued about £240,600. The mid-range amount of ground rent was £65 billed monthly. The lease ended in 2088. Considering the 62 years left we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 not including fees.
Mr and Mrs. Y Morel owned a garden apartment in Blagdon in March 2008. We are asked if we could approximate the price could be to extend the lease by 90 years. Comparable properties in Blagdon with 100 year plus lease were in the region of £174,200. The average amount of ground rent was £55 collected per annum. The lease ended on 4 September 2077. Considering the 51 years left we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.