With a domestic leasehold premises in Bridgnorth, you are actually buying an entitlement to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive especially when there are fewer than 80 years remaining. Anyone in Bridgnorth with a lease drawing near to 81 years left should seriously consider extending it sooner rather than later. Once the lease term has below 80 years remaining, under the current statute the freeholder is entitled to calculate and demand a greater premium, assessed on a technical calculation, known as “marriage value” which is due.
Leasehold premises in Bridgnorth with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank |
Retaining our service gives you increased control over the value of your Bridgnorth leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy correspondence with the freeholder of her first floor apartment in Bridgnorth, Francesca commenced the lease extension process as the 80 year mark was quickly approaching. The transaction was finalised in August 2006. The landlord’s fees were kept to an absolute minimum.
Mrs Jade André owned a first floor flat in Bridgnorth in April 2004. We are asked if we could approximate the price would be for a 90 year extension to my lease. Comparative properties in Bridgnorth with an extended lease were valued around £223,400. The mid-range amount of ground rent was £60 invoiced yearly. The lease ran out in 2085. Having 59 years remaining we estimated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 not including costs.
Mr and Mrs. V Taylor bought a garden apartment in Bridgnorth in April 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Identical flats in Bridgnorth with a long lease were valued about £205,000. The average amount of ground rent was £50 collected monthly. The lease concluded on 17 March 2105. Considering the 79 years unexpired we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.