Blagdon leases on residential properties are gradually losing value. if your lease has about 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the current lease falls below 80 years - otherwise a higher amount will be due. Leasehold owners in Blagdon will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Blagdon with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | 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. |
Irrespective of whether you are a tenant or a freeholder in Blagdon,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Blagdon valuers.
Last Winter Elijah, came precariously near to the 80-year mark with the lease on his first floor flat in Blagdon. Having bought his property 18 years previously, the unexpired term was of little concern. by good luck, he recognised he needed to take steps soon on Extending the lease. Elijah arranged for a lease extension just under the wire last July. Elijah and the freeholder via the managing agents in the end settled on a premium of £5,500 . If the lease had dropped below eighty years, the premium would have gone up by a minimum £1,125.
Mr and Mrs. O Michel moved into a one bedroom apartment in Blagdon in August 2006. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparative residencies in Blagdon with 100 year plus lease were valued around £290,000. The mid-range ground rent payable was £45 collected per annum. The lease finished in 2097. Given that there were 72 years remaining we approximated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 not including legals.
In 2011 we were approached by Mr and Mrs. F Moreau who, having took over the lease of a newly refurbished apartment in Blagdon in May 2010. The dilemma was if we could estimate the price could be for a 90 year lease extension. Identical premises in Blagdon with 100 year plus lease were worth £233,200. The average ground rent payable was £60 invoiced per annum. The lease ran out in 2086. Taking into account 61 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 exclusive of professional charges.