The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in High Wycombe have the right to extend the lease for a further 90 years in accordance with statute. Do give careful consideration before delaying your High Wycombe lease extension. Putting off the costs today simply escalates the premium you will ultimately be required to pay for a lease extension.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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. |
The conveyancing solicitors that we work with procure High Wycombe lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
In the wake of 6 months of unsuccessful correspondence with the freeholder of her purpose-built flat in High Wycombe, Courtney commenced the lease extension process just as her lease was approaching the crucial 80-year deadline. The legal work was finalised in February 2005. The landlord’s costs were kept to an absolute minimum.
Last Autumn we were called by Mr and Mrs. I Bennett , who moved into a studio apartment in High Wycombe in March 2004. The dilemma was if we could approximate the price would likely be to prolong the lease by 90 years. Comparative properties in High Wycombe with a long lease were worth £198,800. The average amount of ground rent was £55 collected annually. The lease lapsed on 12 March 2080. Taking into account 55 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of fees.
Mr and Mrs. C Taylor took over the lease of a first floor apartment in High Wycombe in April 2009. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical premises in High Wycombe with a long lease were worth £295,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease came to a finish on 21 November 2100. Taking into account 75 years outstanding we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of costs.