Bartley Green leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Bartley Green will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some situations you may not be entitled. There are also strict deadlines and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Bartley Green with in excess of 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service gives you increased control over the value of your Bartley Green leasehold, as your property will be more valuable and saleable in relation to the lease length should you want 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.
In the wake of 9 months of unsuccessful correspondence with the landlord of her purpose-built flat in Bartley Green, Hollie initiated the lease extension process just as her lease was nearing the all-important eighty-year deadline. The transaction completed in August 2015. The freeholder’s fees were kept to an absolute minimum.
Last Spring we were e-mailed by Mrs S Davies , who bought a basement apartment in Bartley Green in October 2004. We are asked if we could approximate the premium would be for a 90 year lease extension. Identical premises in Bartley Green with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £45 billed every twelve months. The lease elapsed on 6 March 2095. Given that there were 70 years outstanding we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.
Dr Elijah Rogers was assigned a lease of a studio apartment in Bartley Green in September 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Bartley Green with an extended lease were valued around £218,400. The average ground rent payable was £60 collected quarterly. The lease finished on 11 May 2084. Given that there were 59 years outstanding we approximated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of legals.