When it comes to domestic leasehold property in Wisbech, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater especially when there are less than 80 years left. Anyone in Wisbech with a lease drawing near to 81 years unexpired should seriously consider extending it sooner rather than later. When a lease has below eighty years outstanding, under the relevant legislation the landlord can calculate and charge a greater amount, assessed on a technical computation, known as “marriage value” which is payable.
Leasehold premises in Wisbech with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Santander | |
| The Mortgage Works |
Retaining our service will provide you better control over the value of your Wisbech leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Daniel was the the leasehold owner of a high value apartment in Wisbech on the market with a lease of a little over sixty years outstanding. Daniel informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Daniel to invoke his statutory right. Daniel obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2013 we were phoned by Dr Ali Patel who, having was assigned a lease of a studio apartment in Wisbech in April 2009. The question was if we could estimate the premium would be to extend the lease by an additional years. Comparative premises in Wisbech with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 collected per annum. The lease elapsed in 2100. Considering the 74 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.
Mr T Scott owned a studio apartment in Wisbech in March 2007. The question was if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Similar flats in Wisbech with a long lease were worth £166,400. The average amount of ground rent was £60 invoiced per annum. The lease finished on 1 March 2080. Given that there were 54 years remaining we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 not including legals.