It’s an underpublicised truth that a Wolviston residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Wolviston property prices.Where your lease has approximately 90 years left, 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 slips below eighty years - otherwise a higher premium will be due. 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 be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| Yorkshire Building Society |
Engaging our service gives you increased control over the value of your Wolviston leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful correspondence with the landlord of her leasehold flat in Wolviston, Amy started the lease extension process just as the lease was approaching the crucial eighty-year mark. The legal work completed in July 2009. The freeholder’s charges were kept to an absolute minimum.
In 2012 we were phoned by Dr P Cox who, having took over the lease of a first floor apartment in Wolviston in July 2007. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable homes in Wolviston with 100 year plus lease were worth £300,000. The average ground rent payable was £50 billed every twelve months. The lease came to a finish on 3 May 2102. Given that there were 76 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including expenses.
In 2013 we were phoned by Dr Imogen Laurent who, having was assigned a lease of a purpose-built flat in Wolviston in July 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Comparable homes in Wolviston with a long lease were in the region of £252,800. The average amount of ground rent was £65 billed quarterly. The lease expiry date was in 2091. Considering the 65 years left we calculated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 plus expenses.