Wythenshawe leases on domestic deteriorating in value. if your lease has about 90 years left, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Wythenshawe will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In certain cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process has started so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Wythenshawe with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society |
Regardless of whether you are a tenant or a landlord in Wythenshawe,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wythenshawe valuers.
Thomas was the the leasehold owner of a high value flat in Wythenshawe being sold with a lease of a few days over sixty years outstanding. Thomas on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Thomas to exercise his statutory right. Thomas procured expert advice and secured satisfactory deal informally and sell the flat.
Dr H Martinez took over the lease of a studio flat in Wythenshawe in May 2008. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical flats in Wythenshawe with 100 year plus lease were in the region of £260,000. The average ground rent payable was £50 invoiced quarterly. The lease expired on 24 October 2098. Taking into account 72 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.
In 2012 we were called by Ms G Turner who, having completed a studio apartment in Wythenshawe in June 2009. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Wythenshawe with 100 year plus lease were valued about £261,600. The mid-range amount of ground rent was £60 billed annually. The lease concluded on 13 April 2078. Taking into account 52 years outstanding we calculated the premium to the landlord to extend the lease to be between £39,000 and £45,000 plus professional charges.