Wickford residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.
Leasehold premises in Wickford with more than one hundred years left 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Wickford can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 Wickford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Mason, started to get near to the eighty-year threshold with the lease on his purpose- built flat in Wickford. Having purchased his property 19 years previously, the unexpired term was of little interest. by good luck, he realised he needed to take action soon on a lease extension. Mason extended the lease just in the nick of time in April. Mason and the freeholder subsequently agreed on an amount of £5,500 . If the lease had slipped to less than 80 years, the sum would have escalated by at least £1,100.
Last Christmas we were contacted by Mr and Mrs. J Bennett , who completed a ground floor apartment in Wickford in January 2001. We are asked if we could estimate the premium would be to extend the lease by ninety years. Similar flats in Wickford with a long lease were worth £216,000. The mid-range amount of ground rent was £60 billed annually. The lease elapsed in 2084. Taking into account 58 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 not including costs.
Dr Andrew Jones moved into a studio flat in Wickford in January 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Wickford with 100 year plus lease were valued around £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease termination date was in 2104. Given that there were 78 years remaining we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.