West Wickham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying West Wickham residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in West Wickham you must investigate if your lease has between 70 and ninety years remaining. There are good reasons why a West Wickham leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is effected without delay
Leasehold premises in West Wickham with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Regardless of whether you are a tenant or a landlord in West Wickham,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 West Wickham valuers.
Subsequent to lengthy correspondence with the freeholder of her purpose-built flat in West Wickham, Bethan commenced the lease extension process as the eighty year mark was fast nearing. The transaction was finalised in September 2006. The landlord’s charges were kept to an absolute minimum.
Dr L Howard took over the lease of a one bedroom flat in West Wickham in March 2012. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical flats in West Wickham with an extended lease were valued about £250,400. The mid-range ground rent payable was £65 collected monthly. The lease came to a finish in 2090. Given that there were 64 years outstanding we approximated the premium to the landlord to extend the lease to be between £19,000 and £22,000 exclusive of costs.
An example of a Freehold Enfranchisement case for a West Wickham premises is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case affected 2 flats. The unexpired lease term was 76.75 and 88.83.