Chances are that where you own a flat in Wythenshawe you actually own a long leasehold interest over your property
Leasehold properties in Wythenshawe with more than 100 years unexpired on the lease are often regarded as a ‘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 reversionary interest unless savings on ground rent and service charges justify it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 |
Lease extensions in Wythenshawe can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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.
Following lengthy correspondence with the landlord of her studio apartment in Wythenshawe, Georgina initiated the lease extension process just as her lease was coming close to the critical eighty-year mark. The transaction was finalised in May 2014. The freeholder’s charges were negotiated to less than 550 pounds.
Last Winter we were phoned by Dr Danielle Lee , who completed a one bedroom flat in Wythenshawe in June 2004. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparative homes in Wythenshawe with an extended lease were in the region of £225,400. The mid-range amount of ground rent was £45 invoiced per annum. The lease concluded in 2089. Considering the 64 years outstanding we approximated the premium to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of fees.
Mr and Mrs. T Anderson moved into a purpose-built flat in Wythenshawe in February 2002. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical residencies in Wythenshawe with a long lease were valued about £270,000. The mid-range ground rent payable was £55 invoiced per annum. The lease end date was in 2100. Taking into account 75 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.