Wolviston leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Wolviston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Wolviston you must check if your lease has between 70 and 90 years left. There are good reasons why a Wolviston leaseholder with a lease having around eighty years unexpired should take steps to make sure that a lease extension is actioned without delay
Leasehold premises in Wolviston with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Wolviston,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wolviston valuers.
George owned a studio apartment in Wolviston being marketed with a lease of a little over 72 years remaining. George on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were George to exercise his statutory right. George procured expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
In 2012 we were phoned by Mr G Girard who, having purchased a studio apartment in Wolviston in November 2005. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Wolviston with 100 year plus lease were valued about £240,600. The mid-range amount of ground rent was £65 billed monthly. The lease finished on 5 May 2088. Taking into account 62 years left we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 not including fees.
In 2010 we were contacted by Mrs Georgia Bennett who, having took over the lease of a purpose-built apartment in Wolviston in March 1995. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Identical properties in Wolviston with an extended lease were in the region of £179,200. The mid-range ground rent payable was £55 collected per annum. The lease elapsed in 2077. Considering the 51 years remaining we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus expenses.