Unfortunately that a Wythenshawe residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Wythenshawe property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Wythenshawe will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.
Leasehold residencies in Wythenshawe with more than one hundred years unexpired on the lease are sometimes 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 estate charges merit 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. |
| Chelsea Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 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. |
Lease extensions in Wythenshawe can be a difficult process. We recommend you obtain guidance from a lawyer 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 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 the wake of 9 months of protracted correspondence with the landlord of her basement apartment in Wythenshawe, Maisie initiated the lease extension process as the 80 year mark was quickly approaching. The legal work was concluded in October 2014. The freeholder’s fees were restricted to less than 450 pounds.
Mr and Mrs. F Sánchez purchased a recently refurbished flat in Wythenshawe in January 2012. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable homes in Wythenshawe with a long lease were in the region of £246,800. The average amount of ground rent was £60 invoiced monthly. The lease terminated in 2076. Taking into account 50 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 plus costs.
Mr Ethan François completed a one bedroom flat in Wythenshawe in March 2009. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Wythenshawe with an extended lease were worth £208,200. The average ground rent payable was £65 collected quarterly. The lease finished on 24 July 2087. Given that there were 61 years left we approximated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 not including professional charges.