Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Wythenshawe. Clearly, the length of lease remaining shortens over time. This may slip by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Eligible long lease owners in Wythenshawe have the right to extend the lease for a further 90 years under Leasehold Reform legislation. Do give careful deliberation before delaying your Wythenshawe lease extension. Putting off the cost now likely increases the price you will ultimately have to pay for a lease extension
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Wythenshawe can be a difficult process. We recommend you obtain professional help from a conveyancer 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 a wealth of experience 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.
In 2014 Harry, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Wythenshawe. Having purchased his property two decades ago, the length of the lease was of minimal importance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Harry arranged for a lease extension just ahead of time in June. Harry and the landlord subsequently settled on an amount of £6,000 . If he not met the deadline, the price would have become more exhorbitant by a minimum £950.
Last year we were approach by Ms L Mercier , who moved into a studio flat in Wythenshawe in September 2010. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Comparative homes in Wythenshawe with 100 year plus lease were worth £245,000. The average amount of ground rent was £50 invoiced annually. The lease finished on 1 January 2094. Taking into account 68 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.
Last Autumn we were phoned by Mr Nathan Bailey , who took over the lease of a one bedroom apartment in Wythenshawe in October 2004. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in Wythenshawe with a long lease were in the region of £285,000. The average ground rent payable was £55 collected per annum. The lease concluded in 2105. Given that there were 79 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.