Bardsley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Bardsley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Bardsley you really ought to check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Bardsley flat owner with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay
Leasehold premises in Bardsley with over one hundred years outstanding on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Nationwide Building Society | |
| The Mortgage Works |
Engaging our service gives you increased control over the value of your Bardsley leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Max, started to get close to the eighty-year threshold with the lease on his studio apartment in Bardsley. Having purchased his home two decades ago, the length of the lease was of minimal interest. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Max was able to extend his lease at the eleventh hour last April. Max and the landlord in the end agreed on an amount of £5,500 . If he had missed the deadline, the amount would have gone up by at least £950.
Last July we were called by Mrs E Martin , who was assigned a lease of a purpose-built flat in Bardsley in May 2008. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Bardsley with a long lease were valued about £230,800. The mid-range amount of ground rent was £60 collected monthly. The lease finished on 10 May 2086. Taking into account 60 years remaining we approximated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 not including professional charges.
In 2012 we were e-mailed by Dr K Rodríguez who, having took over the lease of a studio apartment in Bardsley in April 2009. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Bardsley with 100 year plus lease were in the region of £210,000. The average amount of ground rent was £50 billed monthly. The lease terminated in 2106. Having 80 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.