On the balance of probabilities if you own a flat in Wadhurst you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Wadhurst can be a difficult process. We recommend you obtain guidance from a conveyancer 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 a wealth of experience dealing with Wadhurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Eli, came dangerously close to the eighty-year threshold with the lease on his ground floor apartment in Wadhurst. Having purchased his property two decades ago, the length of the lease was of little concern. by good luck, he recognised he needed to take action soon on a lease extension. Eli was able to extend his lease just in the nick of time in April. Eli and the freeholder via the managing agents eventually settled on the final figure of £6,000 . If he not met the deadline, the premium would have escalated by a minimum £1,050.
Dr J Campbell bought a garden flat in Wadhurst in July 2005. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable properties in Wadhurst with a long lease were worth £275,000. The mid-range ground rent payable was £65 collected per annum. The lease finished in 2093. Given that there were 68 years left we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including professional charges.
Mr and Mrs. M King was assigned a lease of a ground floor apartment in Wadhurst in July 2007. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Wadhurst with an extended lease were worth £208,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease ran out on 14 November 2082. Given that there were 57 years left we estimated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including professional charges.