The closer a residential lease in Waddon nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years remaining then this decrease may be of little impact 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 markedly the cost. It is the primary reason why you should consider extending without delay. Many flat owners in Waddon will qualify for this right; nevertheless a conveyancer can advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Waddon with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
Lease extensions in Waddon can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 procuring Waddon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted negotiations with the freeholder of her studio flat in Waddon, Stephanie initiated the lease extension process just as the lease was nearing the critical eighty-year mark. The lease extension was concluded in April 2009. The freeholder’s costs were negotiated to under four hundred GBP.
Mr and Mrs. G Rogers purchased a one bedroom apartment in Waddon in January 1996. The question was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable flats in Waddon with an extended lease were worth £216,000. The mid-range ground rent payable was £60 invoiced quarterly. The lease ran out in 2082. Having 58 years unexpired we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus professional charges.
An example of a Freehold Enfranchisement case for a Waddon flat 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 related to 4 flats. The number of years remaining on the existing lease(s) was 98 years.