Unfortunately that a Bodfari residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Bodfari property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. If lease term slips below 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Bodfari will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancer throughout the formalities.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Bodfari can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.
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 procuring Bodfari lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Eli, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Bodfari. Having bought his property 19 years previously, the unexpired term was of minimal importance. Thankfully, he noticed he needed to take steps soon on a lease extension. Eli was able to extend his lease just under the wire last March. Eli and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If he failed to meet the deadline, the premium would have escalated by at least £1,075.
Last Autumn we were contacted by Dr A Collins , who completed a garden apartment in Bodfari in June 1999. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable flats in Bodfari with an extended lease were valued around £285,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease ran out on 16 June 2105. Given that there were 79 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of fees.
Mr and Mrs. V Moore bought a studio flat in Bodfari in August 2011. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Comparative residencies in Bodfari with a long lease were worth £198,400. The mid-range amount of ground rent was £65 billed every twelve months. The lease expiry date was in 2085. Having 59 years unexpired we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus legals.