Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Whitland. Inevitably, the term of lease remaining shortens over time. This is often ignored and only becomes a problem when the property needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Whitland have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. You should give due consideration before delaying your Whitland lease extension. Putting off the cost now only increases the price you will ultimately incur to extend your lease
It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| 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 procure Whitland 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 lawyer we work with provide it.
Jason owned a conversion apartment in Whitland being marketed with a lease of just over 72 years remaining. Jason on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Jason to exercise his statutory right. Jason obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.
Mr and Mrs. D Ricardo took over the lease of a recently refurbished flat in Whitland in January 2000. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparable premises in Whitland with a long lease were worth £198,800. The mid-range ground rent payable was £55 invoiced annually. The lease ended in 2080. Considering the 55 years outstanding we approximated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of legals.
Last Winter we were approach by Mrs Paige Ward , who purchased a newly refurbished apartment in Whitland in March 2005. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Whitland with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £50 billed annually. The lease finished on 16 August 2100. Considering the 75 years unexpired we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.