Wadebridge leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Wadebridge enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Wadebridge you really ought to investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
Leasehold properties in Wadebridge with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Wadebridge can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 Wadebridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the freeholder of her ground floor apartment in Wadebridge, Aimee initiated the lease extension process as the 80 year mark was rapidly coming. The lease extension was finalised in July 2007. The freeholder’s charges were negotiated to less than 550 pounds.
Mr Owen Laurent completed a ground floor flat in Wadebridge in July 1997. The dilemma was if we could estimate the price would likely be to prolong the lease by 90 years. Identical residencies in Wadebridge with 100 year plus lease were valued around £255,000. The average amount of ground rent was £50 billed per annum. The lease end date was on 22 January 2096. Considering the 71 years remaining we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.
In 2009 we were approached by Dr Y Lefebvre who, having was assigned a lease of a studio apartment in Wadebridge in November 2008. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Identical flats in Wadebridge with an extended lease were in the region of £254,200. The average ground rent payable was £60 collected every twelve months. The lease concluded in 2076. Considering the 51 years left we calculated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 not including costs.