There is no doubt about it a leasehold property in Wythenshawe is a wasting asset as a result of the shortening lease. If the residual term has, beyond one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in Wythenshawe will qualify for this right; however a conveyancing solicitor can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
Lease extensions in Wythenshawe can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Wythenshawe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Hugo, started to get near to the 80-year threshold with the lease on his first floor flat in Wythenshawe. In buying his home two decades ago, the length of the lease was of minimal bearing. Luckily, he recognised he would soon be paying an inflated amount for a lease extension. Hugo was able to extend his lease at the eleventh hour last September. Hugo and the freeholder via the management company eventually settled on the final figure of £5,500 . If he had missed the deadline, the sum would have increased by at least £925.
Last July we were called by Dr O Murphy , who owned a studio apartment in Wythenshawe in February 2003. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Identical premises in Wythenshawe with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 billed monthly. The lease came to a finish in 2103. Considering the 78 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.
Last Christmas we were phoned by Mr and Mrs. A Ramírez , who completed a basement flat in Wythenshawe in January 2010. We are asked if we could approximate the premium would likely be to prolong the lease by 90 years. Similar premises in Wythenshawe with an extended lease were worth £191,000. The mid-range amount of ground rent was £65 collected yearly. The lease ran out in 2083. Considering the 58 years left we approximated the premium to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of fees.