It’s a harsh truth that a Wolviston residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Wolviston property market.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be payable. The majority of flat owners in Wolviston will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.
It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Wolviston can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 procuring Wolviston 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 protracted correspondence with the freeholder of her basement apartment in Wolviston, Rosie initiated the lease extension process as the eighty year threshold was rapidly coming. The legal work completed in February 2005. The freeholder’s charges were kept to an absolute minimum.
In 2014 we were phoned by Mrs Jennifer Morel who, having bought a one bedroom flat in Wolviston in June 2007. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Similar homes in Wolviston with an extended lease were valued about £189,000. The average ground rent payable was £55 invoiced yearly. The lease came to a finish on 14 August 2078. Given that there were 53 years outstanding we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of professional charges.
Last Summer we were phoned by Mr and Mrs. V Reed , who owned a basement apartment in Wolviston in July 1996. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Comparable properties in Wolviston with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 collected yearly. The lease expiry date was on 21 May 2098. Considering the 73 years unexpired we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.