Blagdon leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Blagdon will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and steps to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Blagdon with more than one hundred years remaining 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 reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Coventry Building Society | |
| TSB | |
| Virgin |
Lease extensions in Blagdon can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.
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 procuring Blagdon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Reuben, came seriously close to the eighty-year mark with the lease on his first floor flat in Blagdon. Having bought his property two decades ago, the unexpired term was of no bearing. by good luck, he realised he needed to take steps soon on a lease extension. Reuben arranged for a lease extension at the eleventh hour last April. Reuben and the freeholder via the managing agents ultimately agreed on the final figure of £5,500 . If he had missed the deadline, the premium would have gone up by a minimum £1,075.
In 2012 we were approached by Mr Sebastian Lambert who, having moved into a one bedroom apartment in Blagdon in August 2011. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative homes in Blagdon with an extended lease were in the region of £198,800. The average amount of ground rent was £55 billed yearly. The lease terminated in 2081. Having 55 years remaining we estimated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of costs.
Last month we were approach by Dr Lucas Green , who was assigned a lease of a newly refurbished flat in Blagdon in February 2003. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Blagdon with a long lease were in the region of £300,000. The average amount of ground rent was £50 invoiced every twelve months. The lease termination date was on 22 June 2101. Given that there were 75 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.