Wimborne leases on residential deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Wimborne will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are also strict timetables and steps to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| Santander |
Lease extensions in Wimborne can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in lease extensions.
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 in-depth market knowledge dealing with Wimborne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the freeholder of her basement apartment in Wimborne, Ellen initiated the lease extension process just as her lease was approaching the all-important 80-year mark. The lease extension completed in October 2008. The landlord’s charges were negotiated to slightly above 450 GBP.
In 2013 we were called by Mr and Mrs. N Ramírez who, having completed a basement apartment in Wimborne in April 2001. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Similar residencies in Wimborne with 100 year plus lease were worth £174,200. The mid-range ground rent payable was £55 invoiced per annum. The lease ended on 18 October 2077. Given that there were 51 years left we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including fees.
Last Summer we were e-mailed by Mr and Mrs. A Phillips , who bought a garden apartment in Wimborne in November 1998. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical flats in Wimborne with 100 year plus lease were valued around £285,000. The average amount of ground rent was £45 invoiced per annum. The lease elapsed on 27 January 2097. Given that there were 71 years remaining we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.