There is no doubt about it a leasehold property in Bude is a wasting asset as a result of the diminishing lease term. Where the lease has, more than one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. Most flat owners in Bude will meet the qualifying criteria; that being said a conveyancing solicitor should be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Bude with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Bude can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Bude lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin was the the leasehold owner of a high value apartment in Bude being sold with a lease of a few days over sixty years left. Benjamin on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Benjamin to exercise his statutory right. Benjamin procured expert advice and secured an acceptable deal informally and sell the flat.
In 2012 we were e-mailed by Dr J Green who, having took over the lease of a purpose-built flat in Bude in November 2004. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Comparable flats in Bude with a long lease were worth £290,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease expired in 2099. Taking into account 73 years unexpired we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.
Mrs Jennifer Cook completed a first floor apartment in Bude in November 2003. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable homes in Bude with a long lease were valued around £240,600. The mid-range amount of ground rent was £60 invoiced yearly. The lease ended in 2088. Having 62 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of costs.