Unfortunately that a Burghfield Common residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Burghfield Common property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. If the number of years remaining drops below eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Burghfield Common will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Burghfield Common can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor 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 in-depth market knowledge dealing with Burghfield Common lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Henry was the the leasehold proprietor of a studio flat in Burghfield Common on the market with a lease of just over 72 years outstanding. Henry on an informal basis spoke with his freeholder being 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 subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Henry to invoke his statutory right. Henry procured expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
Dr M González owned a ground floor flat in Burghfield Common in June 1995. We are asked if we could estimate the price could be to prolong the lease by 90 years. Identical residencies in Burghfield Common with a long lease were in the region of £227,800. The mid-range ground rent payable was £45 invoiced annually. The lease finished on 2 June 2091. Considering the 65 years remaining we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including costs.
In 2014 we were called by Mr and Mrs. V Stewart who, having moved into a basement apartment in Burghfield Common in January 2007. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar flats in Burghfield Common with 100 year plus lease were valued about £270,000. The average amount of ground rent was £55 collected yearly. The lease ran out on 14 April 2102. Taking into account 76 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.