West Byfleet leases on domestic properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher premium will be due. Leasehold owners in West Byfleet will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain situations you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in West Byfleet with over one hundred years unexpired 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 estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in West Byfleet can be a difficult process. We recommend you secure 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 dealing with West Byfleet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Evan, came perilously close to the eighty-year threshold with the lease on his ground floor flat in West Byfleet. In buying his property 19 years ago, the unexpired term was of minimal concern. Luckily, he realised he would soon be paying an escalated premium for a lease extension. Evan extended the lease just under the wire in May. Evan and the landlord in the end settled on a premium of £5,000 . If the lease had fallen below 80 years, the amount would have increased by at least £1,150.
In 2014 we were approached by Dr Ben Morris who, having bought a studio flat in West Byfleet in June 1997. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical flats in West Byfleet with an extended lease were in the region of £174,200. The average ground rent payable was £55 invoiced per annum. The lease ended in 2077. Taking into account 51 years left we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus legals.
Last Spring we were called by Dr P Lewis , who bought a one bedroom flat in West Byfleet in January 2004. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparative premises in West Byfleet with an extended lease were in the region of £285,000. The average ground rent payable was £45 collected monthly. The lease terminated in 2097. Taking into account 71 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.