There is no doubt about it a leasehold property in Westbury On Trym is a wasting asset as a result of the shortening lease. If the lease has, in excess of 125 years to run then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. Most flat owners in Westbury On Trym will meet the qualifying criteria; however a conveyancer will be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with undertake Westbury On Trym lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Trailing protracted discussions with the landlord of her purpose-built flat in Westbury On Trym, Sarah initiated the lease extension process as the eighty year threshold was fast coming. The lease extension was finalised in September 2007. The landlord’s fees were negotiated to under 450 GBP.
Last year we were e-mailed by Mr and Mrs. O François , who took over the lease of a first floor apartment in Westbury On Trym in March 1999. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar properties in Westbury On Trym with 100 year plus lease were valued about £189,000. The average amount of ground rent was £55 collected monthly. The lease termination date was on 6 May 2078. Given that there were 53 years left we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus expenses.
In 2013 we were approached by Mr and Mrs. O Ali who, having took over the lease of a basement flat in Westbury On Trym in March 1995. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparative residencies in Westbury On Trym with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 billed per annum. The lease elapsed on 1 March 2098. Having 73 years unexpired we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.