Bures residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.
Leasehold residencies in Bures with in excess of 100 years remaining on the lease are sometimes referred to as ‘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 maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Bures,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bures valuers.
After protracted correspondence with the freeholder of her studio flat in Bures, Nicole commenced the lease extension process as the eighty year threshold was quickly advancing. The transaction completed in July 2009. The landlord’s fees were kept to an absolute minimum.
Last Christmas we were approach by Mr P Morris , who bought a basement apartment in Bures in July 1999. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparable residencies in Bures with an extended lease were worth £191,000. The average amount of ground rent was £65 billed per annum. The lease ran out in 2084. Given that there were 58 years remaining we approximated the premium to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of professional charges.
Last Christmas we were called by Mr and Mrs. O Gómez , who took over the lease of a studio flat in Bures in May 2004. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Similar flats in Bures with an extended lease were worth £250,000. The mid-range ground rent payable was £50 billed monthly. The lease expired on 26 May 2095. Having 69 years unexpired we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.