Weston super Mare leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Weston super Mare tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Weston super Mare you would be well advised to see if your lease has between 70 and ninety years remaining. There are good reasons why a Weston super Mare flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is put in place without delay
Leasehold properties in Weston super Mare with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Leeds Building Society | |
| TSB |
Engaging our service will provide you enhanced control over the value of your Weston super Mare leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
William owned a studio apartment in Weston super Mare being marketed with a lease of a little over 72 years outstanding. William informally spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were William to invoke his statutory right. William obtained expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.
Ms Isobel Vincent acquired a basement apartment in Weston super Mare in November 1998. The dilemma was if we could estimate the price would be to extend the lease by an additional years. Identical flats in Weston super Mare with a long lease were valued around £183,600. The mid-range ground rent payable was £65 billed quarterly. The lease expired in 2083. Given that there were 57 years unexpired we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus legals.
In 2010 we were contacted by Dr C Díaz who, having acquired a purpose-built apartment in Weston super Mare in May 2012. The question was if we could estimate the premium would be to prolong the lease by ninety years. Similar flats in Weston super Mare with 100 year plus lease were valued about £245,000. The average amount of ground rent was £50 billed every twelve months. The lease terminated on 17 June 2094. Given that there were 68 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.