The only way is down when it comes to Wilmslow lease terms. Wilmslow leaseholds that have a lease term lower than 80 years will drop in value even faster, and the cost to extend your lease will rise.
Leasehold residencies in Wilmslow with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
The conveyancers that we work with procure Wilmslow 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.
Subsequent to unsuccessful negotiations with the landlord of her one bedroom flat in Wilmslow, Yasmin commenced the lease extension process just as her lease was nearing the critical 80-year mark. The lease extension completed in March 2015. The freeholder’s fees were negotiated to less than 450 GBP.
Mrs P Peterson owned a purpose-built apartment in Wilmslow in November 2012. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Similar residencies in Wilmslow with 100 year plus lease were worth £255,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease expiry date was on 12 November 2096. Considering the 71 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
Last July we were contacted by Dr B David , who bought a newly refurbished flat in Wilmslow in January 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative homes in Wilmslow with an extended lease were worth £254,200. The average amount of ground rent was £60 billed annually. The lease ran out in 2076. Having 51 years remaining we approximated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 not including professional charges.