Blakenhall leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the current lease dips below 80 years - otherwise a higher premium will be payable. Leasehold owners in Blakenhall will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s best to be guided by a lawyer during the process.
It is generally accepted that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| TSB | |
| Royal Bank of Scotland |
The conveyancers that we work with handle Blakenhall lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Connor was the the leasehold proprietor of a studio flat in Blakenhall being marketed with a lease of just over fifty eight years left. Connor informally contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Connor to invoke his statutory right. Connor obtained expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Last Summer we were phoned by Dr U Rose , who bought a garden flat in Blakenhall in February 2007. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar residencies in Blakenhall with a long lease were valued around £246,800. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease finished on 26 September 2076. Having 50 years remaining we calculated the premium to the landlord for the lease extension to be within £44,700 and £51,600 not including costs.
In 2013 we were called by Dr Leon Hill who, having took over the lease of a ground floor apartment in Blakenhall in August 2010. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable premises in Blakenhall with 100 year plus lease were valued about £208,200. The mid-range ground rent payable was £65 billed yearly. The lease concluded in 2087. Having 61 years remaining we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus costs.