When it comes to domestic leasehold property in Wisbech, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably once there are less than 80 years remaining. Residents in Wisbech with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has fewer than 80 years left, under the current statute the freeholder is entitled to calculate and demand a larger amount, based on a technical calculation, known as “marriage value” which is payable.
Leasehold premises in Wisbech with more than one hundred years unexpired 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 situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Santander | |
| Skipton Building Society |
Lease extensions in Wisbech can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.
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 dealing with Wisbech lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Jonathan, came precariously close to the 80-year mark with the lease on his leasehold flat in Wisbech. Having purchased his property two decades ago, the unexpired term was of no relevance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Jonathan was able to extend his lease just in the nick of time last April. Jonathan and the landlord who owned the flat above subsequently agreed on the final figure of £5,000 . If the lease had slid lower than eighty years, the sum would have become more costly by at least £1,075.
In 2014 we were contacted by Dr Owen Gray who, having acquired a ground floor flat in Wisbech in May 2009. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparable homes in Wisbech with 100 year plus lease were in the region of £210,600. The mid-range ground rent payable was £45 invoiced every twelve months. The lease finished on 9 May 2088. Given that there were 62 years unexpired we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 not including costs.
Dr B Brown bought a basement apartment in Wisbech in April 2009. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable residencies in Wisbech with 100 year plus lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease terminated in 2099. Considering the 73 years outstanding we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.