It’s an underpublicised certainty that a Budleigh Salterton residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Budleigh Salterton property prices.Where your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher amount will be due. The majority of flat owners in Budleigh Salterton will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold properties in Budleigh Salterton with over one hundred years left 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Regardless of whether you are a tenant or a freeholder in Budleigh Salterton,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Budleigh Salterton valuers.
Connor was the the leasehold owner of a studio flat in Budleigh Salterton on the market with a lease of a little over 59 years unexpired. Connor informally spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Connor to invoke his statutory right. Connor procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
In 2013 we were contacted by Dr Caitlin Girard who, having completed a ground floor flat in Budleigh Salterton in January 2003. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Identical properties in Budleigh Salterton with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 collected annually. The lease concluded in 2097. Having 71 years unexpired we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of costs.
Last October we were phoned by Ms I Ramírez , who completed a first floor apartment in Budleigh Salterton in June 1998. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Identical residencies in Budleigh Salterton with an extended lease were valued about £230,800. The average ground rent payable was £60 collected every twelve months. The lease elapsed on 8 May 2086. Taking into account 60 years unexpired we estimated the premium to the landlord to extend the lease to be between £24,700 and £28,600 not including fees.