As the length of the unexpired term of a Whaley Bridge domestic lease decreases so does its value and therefore the value of your property. Where the lease has, over 100 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Many flat owners in Whaley Bridge will qualify for this right; nevertheless a lawyer will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Whaley Bridge with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| Virgin |
Engaging our service will provide you increased control over the value of your Whaley Bridge leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Muhammad, came perilously close to the 80-year threshold with the lease on his two bedroom flat in Whaley Bridge. Having purchased his home two decades ago, the lease term was of no significance. Luckily, it dawned on him that he would soon be paying way over the odds for a lease extension. Muhammad was able to extend his lease at the eleventh hour in August. Muhammad and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If the lease had gone lower than 80 years, the premium would have become more exhorbitant by a minimum £875.
Last Winter we were contacted by Dr M González , who bought a ground floor apartment in Whaley Bridge in April 2007. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Similar homes in Whaley Bridge with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected monthly. The lease end date was on 25 September 2098. Taking into account 72 years remaining we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of legals.
In 2011 we were contacted by Dr Leon Taylor who, having bought a newly refurbished flat in Whaley Bridge in May 2001. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative properties in Whaley Bridge with an extended lease were in the region of £233,200. The average amount of ground rent was £60 billed annually. The lease came to a finish in 2087. Given that there were 61 years remaining we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 not including fees.