The re-sale value of a leasehold property in Filton is impacted by how many years the lease has left to run. If it is close to or fewer than 80 years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. It is preferable to start the process of extending the lease is when the lease still has 82 years unexpired so that formalities can be addressed ahead of the 80 year mark. Leasehold Reform legislation entitles Filton qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in Filton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Filton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Seth, started to get near to the 80-year threshold with the lease on his two bedroom flat in Filton. In buying his property two decades ago, the unexpired term was of minimal importance. Fortunately, he became aware that he needed to take steps soon on Extending the lease. Seth was able to extend his lease just ahead of time last August. Seth and the freeholder eventually settled on an amount of £6,000 . If he not met the deadline, the sum would have become more exhorbitant by at least £1,150.
Last Christmas we were approach by Ms U Phillips , who was assigned a lease of a newly refurbished apartment in Filton in September 1996. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Comparable properties in Filton with a long lease were valued around £250,000. The mid-range ground rent payable was £50 invoiced per annum. The lease ended in 2095. Having 69 years outstanding we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.
In 2010 we were called by Ms B González who, having owned a ground floor flat in Filton in November 1999. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar premises in Filton with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £60 invoiced every twelve months. The lease finished in 2106. Taking into account 80 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of costs.