Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Wolviston. Inevitably, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Wolviston have the legal entitlement to extend the lease for a further ninety years under legislation. Please give due attention before putting off your Wolviston lease extension. Putting off the cost now only increases the price you will ultimately incur for a lease extension
Leasehold residencies in Wolviston with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Engaging our service will provide you better control over the value of your Wolviston leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of unsuccessful negotiations with the freeholder of her basement flat in Wolviston, Stephanie started the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction was finalised in October 2008. The landlord’s costs were kept to an absolute minimum.
In 2012 we were contacted by Mr W Roberts who, having owned a basement apartment in Wolviston in June 2002. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Comparable properties in Wolviston with an extended lease were in the region of £181,600. The average ground rent payable was £55 billed per annum. The lease terminated on 26 July 2077. Taking into account 52 years left we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including professional charges.
Mr U Brooks completed a one bedroom flat in Wolviston in October 2008. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative flats in Wolviston with 100 year plus lease were valued about £290,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease ended in 2097. Taking into account 72 years outstanding we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 plus costs.