Waddon leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Waddon will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some situations you may not qualify. There are prescribed timetables and formalities to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Waddon,the lease extension lawyers 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 Waddon valuers.
Adam owned a studio flat in Waddon on the market with a lease of fraction over 72 years unexpired. Adam informally approached his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be due on a lease extension were Adam to exercise his statutory right. Adam obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last month we were called by Mr Aaron Sánchez , who purchased a studio flat in Waddon in February 2008. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Similar properties in Waddon with an extended lease were in the region of £267,600. The average amount of ground rent was £65 collected per annum. The lease came to a finish in 2093. Given that there were 67 years remaining we estimated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of costs.
An example of a Freehold Enfranchisement decision for a Waddon premises 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 term as at the valuation date was 98 years.