As the length of the unexpired term of a Whitchurch domestic lease lessens so does its value and therefore the value of your property. Where the lease has, beyond one hundred years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years unexpired 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. Many flat owners in Whitchurch will meet the qualifying criteria; however a lawyer can confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Whitchurch with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Whitchurch can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 Whitchurch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Tyler, started to get close to the eighty-year threshold with the lease on his studio flat in Whitchurch. Having bought his flat two decades ago, the lease term was of minimal concern. Fortunately, he realised he needed to take steps soon on Extending the lease. Tyler extended the lease at the eleventh hour in March. Tyler and the freeholder via the managing agents ultimately settled on a premium of £5,000 . If he not met the deadline, the sum would have increased by a minimum £950.
In 2013 we were contacted by Ms J Jackson who, having completed a first floor apartment in Whitchurch in April 2004. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative flats in Whitchurch with a long lease were valued around £168,800. The mid-range amount of ground rent was £60 collected quarterly. The lease termination date was on 2 May 2081. Having 55 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 plus professional charges.
Mr F Roux was assigned a lease of a basement flat in Whitchurch in May 2006. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparable premises in Whitchurch with an extended lease were worth £235,200. The average amount of ground rent was £45 collected yearly. The lease expired on 11 January 2092. Having 66 years left we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.