Whitchurch leases on residential properties are gradually losing value. if your lease has about 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Whitchurch will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and steps to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Whitchurch with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Whitchurch,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whitchurch valuers.
Off the back of protracted correspondence with the landlord of her studio apartment in Whitchurch, Isabella commenced the lease extension process just as her lease was approaching the critical eighty-year mark. The legal work completed in May 2011. The freeholder’s costs were restricted to below four hundred GBP.
In 2009 we were contacted by Dr A Wilson who, having completed a ground floor apartment in Whitchurch in January 2002. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar homes in Whitchurch with a long lease were valued around £183,600. The average ground rent payable was £65 invoiced per annum. The lease terminated on 1 November 2083. Given that there were 57 years unexpired we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus professional charges.
Dr Tyler Parker was assigned a lease of a ground floor apartment in Whitchurch in April 2001. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative residencies in Whitchurch with a long lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease termination date was on 3 May 2094. Having 68 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.