For those whose Waterbeach property is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.
Leasehold premises in Waterbeach with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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 Waterbeach can be a difficult process. We recommend you get professional help 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 a wealth of experience procuring Waterbeach lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Sebastian was the the leasehold owner of a 2 bedroom flat in Waterbeach being sold with a lease of a few days over sixty years left. Sebastian on an informal basis spoke with his freeholder being 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 rise in the rent to £200 yearly. No ground rent would be due on a lease extension were Sebastian to invoke his statutory right. Sebastian procured expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.
Mr and Mrs. L Rogers completed a studio flat in Waterbeach in August 1999. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Similar flats in Waterbeach with a long lease were valued around £255,000. The average ground rent payable was £50 invoiced quarterly. The lease came to a finish in 2095. Considering the 70 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.
Dr Blake Carter bought a one bedroom apartment in Waterbeach in March 2006. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Waterbeach with 100 year plus lease were in the region of £246,800. The mid-range ground rent payable was £60 collected monthly. The lease lapsed in 2075. Considering the 50 years left we approximated the premium to the landlord to extend the lease to be within £44,700 and £51,600 plus costs.