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 becomes more expensive. The majority of owners of residential leasehold property in Wisbech enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Wisbech you should investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Wisbech leaseholder with a lease having around 80 years left should take action to make sure that a lease extension is actioned without delay
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Wisbech can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 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.
Half a year ago Luca, started to get near to the 80-year threshold with the lease on his one bedroom flat in Wisbech. Having bought his home two decades ago, the length of the lease was of little significance. Thankfully, he became aware that he needed to take steps soon on a lease extension. Luca arranged for a lease extension just under the wire in September. Luca and the freeholder ultimately agreed on a premium of £6,000 . If he failed to meet the deadline, the amount would have become more costly by at least £1,150.
Mrs H Scott acquired a garden flat in Wisbech in May 2004. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Identical premises in Wisbech with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 billed per annum. The lease expired on 20 April 2101. Considering the 75 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.
In 2011 we were contacted by Mr and Mrs. K Ramírez who, having moved into a purpose-built apartment in Wisbech in September 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Wisbech with 100 year plus lease were worth £173,800. The average ground rent payable was £65 invoiced quarterly. The lease termination date was on 27 July 2081. Having 55 years left we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.