Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Bulkington. Inevitably, the term of lease remaining shortens over time. This is often overlooked and only becomes a problem when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Bulkington have the legal entitlement to extend the lease for a further 90 years under legislation. Do give due deliberation before delaying your Bulkington lease extension. Putting off that expense now only increases the price you will ultimately incur for a lease extension
It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Bulkington can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.
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 dealing with Bulkington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted negotiations with the freeholder of her basement apartment in Bulkington, Shannon initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The transaction was concluded in April 2010. The landlord’s costs were restricted to below six hundred GBP.
In 2010 we were approached by Dr Y Torres who, having took over the lease of a studio flat in Bulkington in February 2010. The dilemma was if we could estimate the premium would likely be to prolong the lease by ninety years. Comparable flats in Bulkington with 100 year plus lease were valued around £243,000. The average ground rent payable was £65 collected every twelve months. The lease terminated in 2089. Having 63 years unexpired we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including legals.
Last Autumn we were phoned by Mr A Clarke , who completed a newly refurbished apartment in Bulkington in November 1995. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparative flats in Bulkington with 100 year plus lease were in the region of £181,600. The mid-range ground rent payable was £55 invoiced monthly. The lease terminated on 27 February 2078. Given that there were 52 years outstanding we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including expenses.