Unfortunately that a Waddington residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Waddington property market.Once your lease gets to 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Waddington will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| TSB | |
| The Mortgage Works |
Lease extensions in Waddington can be a difficult process. We recommend you obtain professional help from a lawyer and valuer 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 a wealth of experience dealing with Waddington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eli was the the leasehold owner of a high value apartment in Waddington being marketed with a lease of a little over fifty eight years unexpired. Eli informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Eli to exercise his statutory right. Eli obtained expert legal guidance and secured satisfactory deal informally and readily saleable.
In 2009 we were contacted by Mr S Rogers who, having took over the lease of a first floor apartment in Waddington in February 2010. We are asked if we could estimate the price would likely be for a ninety year lease extension. Similar homes in Waddington with an extended lease were worth £285,000. The mid-range ground rent payable was £45 collected every twelve months. The lease terminated in 2097. Considering the 71 years outstanding we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus fees.
Mr Zachary González moved into a recently refurbished flat in Waddington in February 2003. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Comparative properties in Waddington with an extended lease were valued around £225,800. The average amount of ground rent was £60 billed yearly. The lease came to a finish on 26 January 2086. Having 60 years unexpired we calculated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 not including expenses.