Winsford leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Winsford will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Winsford with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 conveyancing solicitors that we work with procure Winsford 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 conveyancing solicitor we work with provide it.
In recent months Ali, came critically near to the eighty-year mark with the lease on his leasehold apartment in Winsford. In buying his property 19 years previously, the unexpired term was of little bearing. by good luck, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Ali was able to extend his lease at the eleventh hour last May. Ali and the landlord ultimately settled on a premium of £5,500 . If he not met the deadline, the amount would have increased by a minimum £1,075.
Last year we were called by Mrs S Bonnet , who purchased a newly refurbished apartment in Winsford in June 1999. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Similar premises in Winsford with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 billed yearly. The lease ended on 15 April 2102. Having 77 years remaining we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.
Last year we were called by Dr Mia Girard , who bought a newly refurbished apartment in Winsford in January 2009. The question was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Similar premises in Winsford with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 billed monthly. The lease elapsed on 28 October 2082. Having 57 years as a residual term we approximated the premium to the landlord for the lease extension to be between £28,500 and £33,000 plus costs.