Bloxwich leases on domestic deteriorating in value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Bloxwich will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and formalities 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 Bloxwich with more than 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 situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Bloxwich can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge dealing with Bloxwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the freeholder of her studio apartment in Bloxwich, Isabel started the lease extension process as the 80 year deadline was fast advancing. The transaction completed in August 2013. The landlord’s fees were restricted to approximately 550 GBP.
In 2011 we were phoned by Dr W Simon who, having moved into a recently refurbished apartment in Bloxwich in September 2005. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Bloxwich with a long lease were valued about £191,400. The mid-range ground rent payable was £55 billed annually. The lease finished in 2080. Taking into account 54 years left we approximated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 not including expenses.
In 2013 we were approached by Mr G Thompson who, having took over the lease of a studio flat in Bloxwich in January 2000. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative homes in Bloxwich with a long lease were in the region of £295,000. The average amount of ground rent was £45 collected monthly. The lease concluded on 8 May 2100. Given that there were 74 years remaining we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.