Great Baddow leases on residential deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Great Baddow will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain cases you may not qualify. There are also strict deadlines and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Great Baddow with over 100 years outstanding on the lease are often 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 upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Great Baddow can be a difficult process. We recommend you get guidance from a lawyer and surveyor 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 in-depth market knowledge procuring Great Baddow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca owned a 2 bedroom apartment in Great Baddow on the market with a lease of just over 59 years left. Luca informally contacted his landlord a well known local-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 a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Luca to exercise his statutory right. Luca procured expert legal guidance and secured satisfactory resolution informally and sell the property.
Mr and Mrs. F Martínez purchased a first floor flat in Great Baddow in July 1997. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar premises in Great Baddow with an extended lease were worth £210,600. The mid-range ground rent payable was £45 collected annually. The lease elapsed on 7 April 2087. Taking into account 62 years remaining we calculated the premium to the landlord to extend the lease to be between £18,100 and £20,800 plus expenses.
In 2011 we were approached by Mrs Ellen Phillips who, having owned a one bedroom apartment in Great Baddow in May 2006. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable homes in Great Baddow with an extended lease were worth £265,000. The average ground rent payable was £50 collected yearly. The lease concluded on 4 June 2098. Having 73 years remaining we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.