There is no doubt about it a leasehold flat or house in Virginia Water is a wasting asset as a result of the diminishing lease term. If the residual term has, more than 99 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner than later. The majority of flat owners in Virginia Water will meet the qualifying criteria; however a conveyancing solicitor can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| 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 |
Regardless of whether you are a tenant or a landlord in Virginia Water,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Virginia Water valuers.
Off the back of lengthy discussions with the freeholder of her leasehold flat in Virginia Water, Catherine initiated the lease extension process as the eighty year deadline was quickly approaching. The legal work completed in January 2014. The freeholder’s fees were negotiated to under 650 pounds.
Last Spring we were phoned by Mr W Clarke , who bought a basement flat in Virginia Water in November 1995. The dilemma was if we could approximate the premium could be to extend the lease by an additional years. Similar premises in Virginia Water with an extended lease were in the region of £255,000. The average amount of ground rent was £50 invoiced quarterly. The lease came to a finish in 2097. Having 71 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.
Mrs G Evans moved into a garden apartment in Virginia Water in September 2002. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Identical properties in Virginia Water with an extended lease were worth £254,200. The average amount of ground rent was £60 invoiced yearly. The lease ended on 19 April 2077. Taking into account 51 years remaining we calculated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 not including professional charges.