As the the remaining lease term of a Werrington domestic lease lessens so does its value and therefore the value of your property. Where the lease has, more than 100 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Werrington will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Werrington with over 100 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Werrington can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 Werrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Max owned a 2 bedroom flat in Werrington on the market with a lease of just over sixty years left. Max informally contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Max to exercise his statutory right. Max obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
In 2013 we were e-mailed by Dr Molly Pérez who, having took over the lease of a purpose-built apartment in Werrington in January 1998. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Werrington with 100 year plus lease were valued around £198,800. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated on 19 September 2081. Given that there were 55 years remaining we estimated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 exclusive of costs.
In 2012 we were e-mailed by Mr and Mrs. P Sharif who, having took over the lease of a newly refurbished flat in Werrington in January 2008. The question was if we could approximate the price would likely be for a 90 year lease extension. Comparable flats in Werrington with an extended lease were worth £295,000. The average amount of ground rent was £50 collected quarterly. The lease ended on 14 January 2101. Having 75 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.