Why you should start your Wilmslow lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/wilmslow">Wilmslow</a> leasehold property depreciates with the years remaining on the lease.
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<p> When it comes to residential leasehold premises in Wilmslow, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably once there are fewer than eighty years left. Residents in Wilmslow with a lease nearing 81 years left should seriously think of extending it as soon as possible. When the lease term has under 80 years remaining, under the relevant legislation the freeholder is entitled to calculate and levy a greater amount, based on a technical calculation, known as “marriage value” which is due. <h4>Wilmslow property with a lease extension is almost the same value as a freehold</h4>
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Leasehold premises in Wilmslow with over one hundred years remaining 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it. <h4>Mortgage lenders may decide not to finance a property on a short lease</h4> Lending institutions have set criteria when lending funds secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Wilmslow home.
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<th> Requirement
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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Why use us for your lease extension in Wilmslow? </h4>
<p> Irrespective of whether you are a tenant or a landlord in Wilmslow,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wilmslow valuers.
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Wilmslow Lease Extension Example Cases:
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<h5> Jasper, Wilmslow, Cheshire,</h5>
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Jasper owned a 2 bedroom flat in Wilmslow on the market with a lease of a few days over fifty eight years unexpired. Jasper informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Jasper to exercise his statutory right. Jasper procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.
<h5>Wilmslow case:</h5>
<p> Ms Hannah Peterson took over the lease of a purpose-built flat in Wilmslow in July 2007. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Wilmslow with 100 year plus lease were valued around £193,400. The average amount of ground rent was £65 billed monthly. The lease lapsed on 28 May 2085. Having 59 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of costs.
<h5>Wilmslow case:</h5>
<p> Mr and Mrs. O López owned a basement flat in Wilmslow in November 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical premises in Wilmslow with a long lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease terminated in 2096. Considering the 70 years remaining we calculated the compensation to the freeholder for the lease extension to be within £10,500 and £12,000 exclusive of fees.
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