Winchcombe leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Winchcombe will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain situations you may not qualify. There are prescribed timetables and steps to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.
It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Winchcombe,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Winchcombe valuers.
Following protracted negotiations with the freeholder of her basement flat in Winchcombe, Tia initiated the lease extension process as the eighty year deadline was fast coming. The legal work was finalised in October 2012. The landlord’s fees were restricted to about six hundred pounds.
In 2011 we were e-mailed by Mr and Mrs. D Adams who, having was assigned a lease of a first floor flat in Winchcombe in October 2005. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable homes in Winchcombe with an extended lease were in the region of £257,800. The mid-range ground rent payable was £65 invoiced annually. The lease terminated in 2091. Taking into account 65 years left we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.
Mr Lewis Díaz completed a one bedroom flat in Winchcombe in March 2002. The dilemma was if we could estimate the premium would be to extend the lease by an additional years. Comparable residencies in Winchcombe with a long lease were worth £191,400. The mid-range ground rent payable was £55 billed monthly. The lease came to a finish in 2080. Given that there were 54 years left we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of professional charges.