The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Wolviston can extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Wolviston lease extension. Postponing that expense now simply escalates the amount you will ultimately have to pay to extend the lease.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| National Westminster Bank | |
| TSB | |
| Virgin |
Lease extensions in Wolviston can be a difficult process. We recommend you get professional help 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 in-depth market knowledge dealing with Wolviston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Felix, came precariously close to the eighty-year threshold with the lease on his first floor apartment in Wolviston. In buying his flat two decades ago, the length of the lease was of minimal bearing. Thankfully, he recognised he needed to take action soon on Extending the lease. Felix arranged for a lease extension at the eleventh hour last July. Felix and the freeholder in the end agreed on an amount of £5,000 . If he had missed the deadline, the sum would have escalated by a minimum £1,050.
In 2011 we were e-mailed by Mr K Stewart who, having was assigned a lease of a first floor apartment in Wolviston in November 2011. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Comparative residencies in Wolviston with an extended lease were in the region of £210,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ended in 2106. Considering the 80 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.
Last Winter we were e-mailed by Mr and Mrs. M Rodríguez , who acquired a first floor apartment in Wolviston in August 2005. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative flats in Wolviston with 100 year plus lease were in the region of £275,000. The average ground rent payable was £45 invoiced yearly. The lease expired on 20 May 2095. Given that there were 69 years remaining we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus costs.