On the balance of probabilities if you own a flat in Blandfordum you actually own a long leasehold interest over your property
Leasehold premises in Blandfordum with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth 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 maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB |
Retaining our service gives you enhanced control over the value of your Blandfordum leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Aaron, came precariously near to the eighty-year threshold with the lease on his two bedroom flat in Blandfordum. In buying his property twenty years previously, the unexpired term was of minimal bearing. Fortunately, he became aware that he needed to take steps soon on a lease extension. Aaron extended the lease just ahead of time in June. Aaron and the freeholder in the end agreed on a premium of £5,000 . If the lease had slipped to less than eighty years, the price would have escalated by at least £850.
Last Spring we were called by Dr D Ricardo , who bought a garden apartment in Blandfordum in September 2010. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative residencies in Blandfordum with an extended lease were in the region of £225,400. The mid-range amount of ground rent was £45 billed every twelve months. The lease concluded in 2090. Taking into account 64 years as a residual term we approximated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including fees.
Mr and Mrs. P Bailey moved into a one bedroom apartment in Blandfordum in January 2010. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Identical flats in Blandfordum with a long lease were valued about £270,000. The mid-range ground rent payable was £55 collected yearly. The lease ended on 11 June 2101. Given that there were 75 years left we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.