With a domestic leasehold property in Wilmslow, you are actually buying a right to reside in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than eighty years left. Residents in Wilmslow with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When a lease has below eighty years remaining, under the relevant legislation the landlord is entitled to calculate and charge a larger premium, assessed on a technical calculation, strangely termed as “marriage value” which is due.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| 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 |
| 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. |
Engaging our service will provide you enhanced control over the value of your Wilmslow leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful discussions with the landlord of her basement apartment in Wilmslow, Ella started the lease extension process as the eighty year deadline was quickly coming. The transaction was finalised in April 2015. The freeholder’s charges were kept to an absolute minimum.
Dr Phoebe Smith moved into a basement apartment in Wilmslow in July 1995. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Similar flats in Wilmslow with a long lease were in the region of £242,600. The average amount of ground rent was £45 billed annually. The lease terminated on 9 April 2092. Given that there were 67 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 not including fees.
Mr and Mrs. J Sánchez owned a ground floor apartment in Wilmslow in July 2012. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparable residencies in Wilmslow with a long lease were worth £280,000. The average amount of ground rent was £55 collected per annum. The lease terminated on 9 August 2103. Given that there were 78 years left we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of expenses.