When it comes to residential leasehold premises in Wisbech, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably when there are fewer than eighty years left. Anyone in Wisbech with a lease approaching 81 years unexpired should seriously consider extending it without delay. Once a lease has under 80 years left, under the current Act the landlord can calculate and charge a larger amount, based on a technical calculation, known as “marriage value” which is payable.
It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Wisbech can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in lease extensions.
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 a wealth of experience 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.
Aiden was the the leasehold owner of a high value flat in Wisbech on the market with a lease of fraction over sixty years left. Aiden informally approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Aiden to exercise his statutory right. Aiden procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
In 2010 we were e-mailed by Dr Katherine Leroy who, having bought a one bedroom flat in Wisbech in April 2000. The question was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Wisbech with 100 year plus lease were valued around £254,200. The average ground rent payable was £60 invoiced monthly. The lease ended in 2077. Having 51 years remaining we approximated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 exclusive of costs.
In 2009 we were called by Dr G Davis who, having moved into a first floor flat in Wisbech in November 1999. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar residencies in Wisbech with a long lease were in the region of £210,600. The average amount of ground rent was £45 invoiced monthly. The lease ended in 2088. Considering the 62 years unexpired we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including legals.