Wickford leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Wickford enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Wickford you must check if your lease has between 70 and ninety years remaining. There are good reasons why a Wickford flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay
Leasehold properties in Wickford with over 100 years remaining 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 situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Wickford,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wickford valuers.
Trailing protracted negotiations with the landlord of her first floor flat in Wickford, Danielle commenced the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension completed in February 2009. The landlord’s fees were kept to an absolute minimum.
Mrs Natasha Peterson bought a newly refurbished apartment in Wickford in May 2007. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparative properties in Wickford with an extended lease were in the region of £201,200. The mid-range amount of ground rent was £55 collected annually. The lease elapsed on 13 June 2081. Having 56 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including professional charges.
In 2012 we were called by Dr Harriet Leroy who, having took over the lease of a one bedroom apartment in Wickford in May 2008. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Comparative properties in Wickford with an extended lease were in the region of £300,000. The average ground rent payable was £50 collected yearly. The lease expired in 2101. Given that there were 76 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.