The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bardsley can extend the lease for a further 90 years in accordance with statute. Please think carefully before delaying your Bardsley lease extension. Shelving that expense today simply increases the price you will ultimately have to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Bardsley can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Bardsley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Isaac was the the leasehold owner of a high value apartment in Bardsley being sold with a lease of fraction over 61 years outstanding. Isaac informally approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. No ground rent would be payable on a lease extension were Isaac to exercise his statutory right. Isaac obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.
In 2011 we were contacted by Mrs Tia Bailey who, having completed a studio flat in Bardsley in May 2001. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Bardsley with 100 year plus lease were valued about £290,000. The mid-range ground rent payable was £45 billed quarterly. The lease ended on 1 March 2098. Having 72 years outstanding we estimated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 plus expenses.
Last October we were contacted by Dr H Smith , who acquired a purpose-built flat in Bardsley in August 2007. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable properties in Bardsley with 100 year plus lease were worth £233,200. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended in 2087. Taking into account 61 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of expenses.