Wisbech leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Wisbech residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Wisbech you really ought to check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value
Leasehold residencies in Wisbech with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Wisbech can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Wisbech lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ollie owned a studio flat in Wisbech being marketed with a lease of a few days over 59 years outstanding. Ollie on an informal basis spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Ollie to exercise his statutory right. Ollie obtained expert advice and secured an acceptable resolution without resorting to tribunal and sell the property.
Last Autumn we were phoned by Mr and Mrs. B Williams , who moved into a ground floor flat in Wisbech in July 2001. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Identical homes in Wisbech with 100 year plus lease were worth £191,000. The average ground rent payable was £65 billed quarterly. The lease finished in 2084. Taking into account 58 years unexpired we estimated the premium to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of professional charges.
In 2013 we were e-mailed by Mr and Mrs. G Hernández who, having was assigned a lease of a one bedroom apartment in Wisbech in February 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Wisbech with an extended lease were valued around £250,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease ran out in 2095. Taking into account 69 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.