It’s a harsh truth that a Byfleet residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Byfleet property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher premium will be payable. Most flat owners in Byfleet will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.
Leasehold properties in Byfleet with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society |
Retaining our service will provide you better control over the value of your Byfleet leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
William owned a conversion apartment in Byfleet being sold with a lease of a few days over 61 years left. William informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were William to invoke his statutory right. William procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.
Last Spring we were phoned by Mr and Mrs. R Lefebvre , who completed a one bedroom apartment in Byfleet in February 2004. The question was if we could estimate the price could be to prolong the lease by an additional years. Identical residencies in Byfleet with 100 year plus lease were worth £285,000. The average amount of ground rent was £55 invoiced every twelve months. The lease terminated in 2105. Having 79 years outstanding we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.
Mr and Mrs. U Adams completed a one bedroom apartment in Byfleet in June 2004. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical premises in Byfleet with a long lease were valued around £193,400. The mid-range ground rent payable was £65 collected every twelve months. The lease concluded in 2085. Having 59 years left we approximated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus costs.