Blandfordum leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Blandfordum will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Blandfordum with over 100 years unexpired 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 property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Blandfordum can be a difficult process. We recommend you obtain professional help from a conveyancer 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 dealing with Blandfordum lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Luke, started to get near to the 80-year mark with the lease on his two bedroom apartment in Blandfordum. Having purchased his flat 19 years ago, the length of the lease was of minimal bearing. Thankfully, he recognised he would imminently be paying an escalated premium for a lease extension. Luke arranged for a lease extension at the eleventh hour in May. Luke and the freeholder via the management company ultimately agreed on the final figure of £5,500 . If he had missed the deadline, the price would have gone up by at least £1,050.
Last Summer we were e-mailed by Mr P Murphy , who took over the lease of a purpose-built apartment in Blandfordum in May 2009. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Similar flats in Blandfordum with a long lease were in the region of £261,600. The mid-range amount of ground rent was £60 billed yearly. The lease concluded on 5 October 2078. Taking into account 52 years outstanding we calculated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 not including expenses.
In 2009 we were e-mailed by Mr and Mrs. D Hill who, having owned a one bedroom flat in Blandfordum in June 2012. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Similar homes in Blandfordum with an extended lease were worth £218,000. The mid-range ground rent payable was £45 billed annually. The lease elapsed in 2089. Considering the 63 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 plus legals.