Warfield 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 your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Warfield residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Warfield you really ought to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
Leasehold premises in Warfield with over one hundred years outstanding on the lease are often regarded as a ‘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 warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Warfield can be a difficult process. We recommend you secure guidance from a conveyancer 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 a wealth of experience dealing with Warfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Felix was the the leasehold owner of a high value flat in Warfield on the market with a lease of fraction over 72 years outstanding. Felix on an informal basis spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Felix to invoke his statutory right. Felix procured expert legal guidance and secured an acceptable resolution informally and sell the flat.
In 2009 we were phoned by Dr Edward Scott who, having completed a basement apartment in Warfield in September 1999. We are asked if we could estimate the price could be for a 90 year lease extension. Identical properties in Warfield with a long lease were worth £275,000. The mid-range amount of ground rent was £55 billed monthly. The lease elapsed on 1 September 2102. Having 76 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.
Last month we were contacted by Mr and Mrs. V Moreau , who was assigned a lease of a purpose-built apartment in Warfield in January 1998. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Identical properties in Warfield with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 billed per annum. The lease elapsed on 7 May 2082. Considering the 56 years outstanding we approximated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 not including legals.