As the the remaining lease term of a Bulkington domestic lease lessens so does its value and therefore the value of your property. If the residual term has, over 99 years remaining then this decrease may be fractional however there will become a point in time when a lease has less 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 primary rational as to why you should extend the lease without delay. The majority of flat owners in Bulkington will meet the qualifying criteria; however a conveyancer can advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold properties in Bulkington with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Regardless of whether you are a tenant or a landlord in Bulkington,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bulkington valuers.
Ben was the the leasehold owner of a conversion apartment in Bulkington being sold with a lease of a little over 61 years remaining. Ben informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Ben to invoke his statutory right. Ben procured expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
Last Autumn we were phoned by Mr and Mrs. I Morris , who completed a garden apartment in Bulkington in April 2006. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Bulkington with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease ran out in 2099. Considering the 73 years outstanding we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.
In 2011 we were phoned by Dr J Johnson who, having acquired a newly refurbished apartment in Bulkington in June 1998. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical flats in Bulkington with a long lease were valued around £240,600. The mid-range ground rent payable was £60 collected every twelve months. The lease expired on 25 April 2088. Taking into account 62 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including fees.