The nearer a residential lease in Waddon nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of one hundred years remaining then this decrease may be fractional however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner than later. The majority of flat owners in Waddon will qualify for this right; nevertheless a lawyer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service gives you increased control over the value of your Waddon leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Cameron, started to get near to the 80-year threshold with the lease on his leasehold apartment in Waddon. Having purchased his home 19 years ago, the unexpired term was of little significance. Thankfully, he noticed he would soon be paying way over the odds for Extending the lease. Cameron was able to extend his lease just ahead of time in April. Cameron and the landlord who owned the flat above eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the price would have escalated by at least £975.
In 2011 we were called by Mr Eliot Bell who, having moved into a one bedroom flat in Waddon in September 1999. We are asked if we could estimate the premium could be to extend the lease by ninety years. Similar premises in Waddon with a long lease were in the region of £174,200. The mid-range amount of ground rent was £55 collected per annum. The lease finished in 2077. Taking into account 51 years unexpired we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.
An example of a Freehold Enfranchisement matter before the tribunal for a Waddon residence is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case affected 4 flats. The unexpired residue of the current lease was 98 years.