Wynyard leases on domestic deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the current lease drops under eighty years - otherwise a higher amount will be due. Leasehold owners in Wynyard will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain situations you may not qualify. There are also strict deadlines and procedures to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Wynyard can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Wynyard lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oscar owned a high value flat in Wynyard being marketed with a lease of a few days over 72 years remaining. Oscar on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Oscar to exercise his statutory right. Oscar obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.
Dr Kai Nelson completed a studio apartment in Wynyard in September 2007. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparable flats in Wynyard with a long lease were valued about £267,600. The average amount of ground rent was £65 collected quarterly. The lease concluded on 13 November 2093. Having 67 years as a residual term we calculated the premium to the landlord to extend the lease to be within £14,300 and £16,400 not including legals.
In 2014 we were approached by Mr and Mrs. C Laurent who, having owned a ground floor apartment in Wynyard in October 2009. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparable flats in Wynyard with a long lease were worth £206,200. The mid-range amount of ground rent was £55 collected quarterly. The lease termination date was on 16 November 2082. Having 56 years remaining we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus legals.