The only way is down when it comes to High Wycombe lease terms. High Wycombe flats that have a residual term shorter than eighty years will drop in market price even faster, and the cost of extending your lease will increase.
Leasehold properties in High Wycombe with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in High Wycombe,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with High Wycombe valuers.
Blake owned a studio flat in High Wycombe being sold with a lease of fraction over sixty years outstanding. Blake informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Blake to invoke his statutory right. Blake obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Last Christmas we were contacted by Mr and Mrs. V Laurent , who purchased a recently refurbished flat in High Wycombe in January 2007. We are asked if we could approximate the price could be to extend the lease by 90 years. Similar premises in High Wycombe with 100 year plus lease were valued about £200,000. The average amount of ground rent was £50 collected every twelve months. The lease terminated in 2103. Given that there were 78 years outstanding we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
Dr M Walker was assigned a lease of a one bedroom apartment in High Wycombe in August 1998. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Similar properties in High Wycombe with 100 year plus lease were valued about £267,600. The average amount of ground rent was £65 collected annually. The lease ended on 28 November 2092. Considering the 67 years unexpired we approximated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 plus professional charges.