As the length of the unexpired term of a Windermere residential lease diminished so does its value and therefore the value of your property. Where the residual term has, more than one hundred years remaining then this decrease may be fractional that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Many flat owners in Windermere will qualify for this right; however a conveyancing solicitor can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Windermere with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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 Windermere 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.
Last Winter Sam, came perilously near to the eighty-year mark with the lease on his one bedroom apartment in Windermere. In buying his property 18 years ago, the length of the lease was of little concern. Thankfully, he noticed he would imminently be paying an inflated amount for a lease extension. Sam arranged for a lease extension at the eleventh hour in June. Sam and the landlord eventually agreed on a premium of £5,500 . If he had missed the deadline, the figure would have increased by at least £975.
Last year we were contacted by Ms Rachel Stewart , who acquired a one bedroom apartment in Windermere in September 1996. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparative properties in Windermere with an extended lease were worth £181,600. The mid-range ground rent payable was £55 collected per annum. The lease lapsed on 16 March 2077. Taking into account 52 years outstanding we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus expenses.
In 2011 we were contacted by Mrs A Roux who, having completed a basement flat in Windermere in June 1996. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparative residencies in Windermere with an extended lease were worth £285,000. The average ground rent payable was £45 billed yearly. The lease end date was on 27 November 2097. Taking into account 72 years left we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.