The closer a domestic lease in High Wycombe gets to zero years unexpired, the more it reduces the value of the property. If the lease has, beyond 100 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in High Wycombe will meet the qualifying criteria; nevertheless a lawyer should be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in High Wycombe can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 dealing with High Wycombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Muhammad owned a 2 bedroom apartment in High Wycombe being marketed with a lease of a little over sixty years outstanding. Muhammad informally spoke with his freeholder 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 a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Muhammad to invoke his statutory right. Muhammad obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.
In 2009 we were phoned by Dr R François who, having took over the lease of a one bedroom apartment in High Wycombe in April 1999. The question was if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Similar properties in High Wycombe with 100 year plus lease were valued around £275,000. The mid-range ground rent payable was £65 invoiced per annum. The lease came to a finish in 2094. Having 68 years remaining we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.
Dr Evan Johnson owned a one bedroom flat in High Wycombe in November 1995. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparative premises in High Wycombe with a long lease were worth £208,600. The mid-range amount of ground rent was £60 collected per annum. The lease concluded on 23 May 2083. Considering the 57 years remaining we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including legals.