Whitehaven leases on residential deteriorating in value. if your lease has approximately 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Whitehaven will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Whitehaven with over one hundred years outstanding 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 property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander |
Retaining our service gives you enhanced control over the value of your Whitehaven leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Dylan owned a high value flat in Whitehaven on the market with a lease of a little over 61 years unexpired. Dylan on an informal basis approached his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Dylan to exercise his statutory right. Dylan obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2009 we were e-mailed by Mr Ali Clarke who, having purchased a one bedroom flat in Whitehaven in July 1997. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Similar residencies in Whitehaven with an extended lease were worth £300,000. The mid-range amount of ground rent was £50 collected annually. The lease ended in 2102. Considering the 76 years remaining we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.
Mr and Mrs. Y Davis took over the lease of a ground floor flat in Whitehaven in August 2006. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparative flats in Whitehaven with a long lease were worth £257,800. The average ground rent payable was £65 billed every twelve months. The lease ended on 10 January 2091. Considering the 65 years outstanding we calculated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus costs.