The nearer a residential lease in High Wycombe nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner rather than later. Many flat owners in High Wycombe will qualify for this right; however a conveyancing solicitor should be able to advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in High Wycombe with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Coventry Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in High Wycombe can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 a wealth of experience procuring High Wycombe 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 unsuccessful correspondence with the landlord of her first floor flat in High Wycombe, Jordan commenced the lease extension process as the eighty year deadline was quickly nearing. The transaction was finalised in May 2014. The freeholder’s charges were kept to an absolute minimum.
Dr I Rose was assigned a lease of a purpose-built flat in High Wycombe in February 2006. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Similar properties in High Wycombe with a long lease were in the region of £275,000. The average ground rent payable was £45 billed annually. The lease ran out on 16 April 2095. Having 69 years outstanding we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including professional charges.
In 2010 we were e-mailed by Mrs G Bertrand who, having moved into a newly refurbished apartment in High Wycombe in January 2002. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Identical premises in High Wycombe with an extended lease were worth £216,000. The average ground rent payable was £60 collected monthly. The lease concluded in 2084. Taking into account 58 years remaining we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including fees.