For those whose Bursledon home is held on a long lease, our message is clear – if nothing is done, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.
Leasehold properties in Bursledon with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
The lawyers that we work with undertake Bursledon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Two years ago Seth, came very close to the eighty-year mark with the lease on his basement apartment in Bursledon. Having purchased his home two decades ago, the unexpired term was of minimal interest. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Seth was able to extend his lease just under the wire last March. Seth and the freeholder in the end settled on sum of £6,000 . If he failed to meet the deadline, the price would have gone up by at least £1,025.
Dr Jude Green took over the lease of a studio flat in Bursledon in March 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative premises in Bursledon with 100 year plus lease were valued around £189,000. The average ground rent payable was £55 invoiced annually. The lease ended in 2079. Taking into account 53 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of professional charges.
Last Spring we were called by Mrs I Phillips , who owned a newly refurbished apartment in Bursledon in January 2009. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Comparative flats in Bursledon with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 collected monthly. The lease finished on 23 June 2099. Taking into account 73 years unexpired we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.