On the balance of probabilities if you own a flat in Winchcombe you actually own a long leasehold interest over your property
Leasehold premises in Winchcombe with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Halifax | |
| Leeds Building Society | |
| Yorkshire Building Society |
Engaging our service will provide you increased control over the value of your Winchcombe leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Samuel, came precariously near to the 80-year threshold with the lease on his studio apartment in Winchcombe. In buying his flat 18 years ago, the length of the lease was of minimal relevance. Thankfully, he recognised he needed to take action soon on Extending the lease. Samuel arranged for a lease extension at the eleventh hour last September. Samuel and the freeholder eventually agreed on the final figure of £6,000 . If the lease had gone lower than 80 years, the amount would have become more costly by a minimum £850.
In 2010 we were e-mailed by Ms Isabella López who, having acquired a studio apartment in Winchcombe in September 2008. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical flats in Winchcombe with an extended lease were valued around £166,800. The mid-range ground rent payable was £50 invoiced quarterly. The lease lapsed on 22 February 2076. Having 50 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 plus expenses.
Last Winter we were called by Dr D Petit , who purchased a basement apartment in Winchcombe in October 2005. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Comparable homes in Winchcombe with an extended lease were worth £280,000. The mid-range ground rent payable was £45 billed quarterly. The lease terminated in 2096. Taking into account 70 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.