Bucknall leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of 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 Bucknall will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some situations you may not qualify. There are prescribed timetables and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander |
Using our service will provide you increased control over the value of your Bucknall leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last October Harry, started to get near to the eighty-year mark with the lease on his first floor flat in Bucknall. Having purchased his home two decades ago, the length of the lease was of little concern. Fortunately, he noticed he would imminently be paying way over the odds for Extending the lease. Harry extended the lease at the eleventh hour in May. Harry and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If he had missed the deadline, the premium would have escalated by at least £1,050.
Last Winter we were e-mailed by Dr Hugo Turner , who owned a recently refurbished apartment in Bucknall in June 2006. The question was if we could estimate the price would be for a ninety year extension to my lease. Comparative flats in Bucknall with a long lease were in the region of £216,000. The mid-range ground rent payable was £60 invoiced monthly. The lease expired in 2084. Given that there were 58 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including professional charges.
Mr and Mrs. O Morris took over the lease of a basement flat in Bucknall in April 2005. We are asked if we could approximate the price would be for a 90 year lease extension. Identical flats in Bucknall with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease ran out in 2104. Given that there were 78 years unexpired we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.