On the balance of probabilities where you own a flat in Wolviston you actually own a long leasehold interest over your property
Leasehold residencies in Wolviston with more than one hundred years remaining 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 freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 secure professional help from a conveyancing solicitor 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 a wealth of experience 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.
Last Christmas Kyle, came perilously close to the eighty-year mark with the lease on his basement apartment in Wolviston. Having bought his home 19 years previously, the lease term was of minimal interest. Thankfully, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Kyle extended the lease just under the wire in April. Kyle and the landlord who owned the flat above in the end settled on sum of £5,000 . If he failed to meet the deadline, the premium would have escalated by a minimum £1,000.
In 2013 we were called by Mr and Mrs. E David who, having moved into a first floor flat in Wolviston in October 1998. We are asked if we could estimate the price could be for a 90 year extension to my lease. Comparative flats in Wolviston with a long lease were valued around £213,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease elapsed on 6 February 2082. Given that there were 57 years outstanding we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.
Dr V Patel acquired a purpose-built flat in Wolviston in May 2002. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Identical properties in Wolviston with an extended lease were in the region of £200,000. The average amount of ground rent was £50 collected monthly. The lease termination date was on 2 November 2102. Taking into account 77 years left we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.