The market value of Wilmslow leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than 80 years
Leasehold premises in Wilmslow with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Wilmslow 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 in-depth market knowledge procuring Wilmslow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dexter was the the leasehold proprietor of a 2 bedroom flat in Wilmslow on the market with a lease of a little over 59 years unexpired. Dexter on an informal basis contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Dexter to invoke his statutory right. Dexter obtained expert advice and secured satisfactory resolution without resorting to tribunal and sell the property.
In 2014 we were called by Mr and Mrs. S Baker who, having acquired a purpose-built flat in Wilmslow in January 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Comparable residencies in Wilmslow with an extended lease were worth £227,800. The mid-range ground rent payable was £45 invoiced monthly. The lease ran out in 2091. Taking into account 65 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including professional charges.
Last year we were phoned by Mr and Mrs. U Wilson , who completed a garden apartment in Wilmslow in February 1999. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Similar residencies in Wilmslow with an extended lease were in the region of £275,000. The average amount of ground rent was £55 billed per annum. The lease lapsed on 15 September 2102. Given that there were 76 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.