The only way is down when it comes to West Moors lease terms. West Moors flats that have a residual term less than than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will go up.
It is generally considered that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB | |
| Virgin |
Retaining our service gives you increased control over the value of your West Moors leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Gabriel was the the leasehold owner of a studio apartment in West Moors being sold with a lease of a little over 61 years outstanding. Gabriel on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Gabriel to invoke his statutory right. Gabriel procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2014 we were phoned by Dr D Rodríguez who, having owned a studio flat in West Moors in November 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Similar properties in West Moors with 100 year plus lease were worth £265,200. The average ground rent payable was £65 collected quarterly. The lease elapsed in 2092. Considering the 66 years unexpired we calculated the premium to the landlord for the lease extension to be within £15,200 and £17,600 not including professional charges.
In 2012 we were e-mailed by Dr W Miller who, having acquired a studio apartment in West Moors in June 1996. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in West Moors with 100 year plus lease were worth £201,200. The mid-range amount of ground rent was £55 collected per annum. The lease elapsed in 2082. Taking into account 56 years remaining we calculated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus fees.