When it comes to residential leasehold property in Waddington, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than eighty years remaining. Leasehold owners in Waddington with a lease approaching 81 years remaining should seriously think of extending it without delay. Once the lease term has under 80 years remaining, under the current Act the landlord can calculate and demand a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold residencies in Waddington with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Retaining our service gives you enhanced control over the value of your Waddington leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful discussions with the freeholder of her basement flat in Waddington, Gemma initiated the lease extension process as the eighty year mark was rapidly advancing. The legal work was finalised in April 2009. The landlord’s fees were negotiated to a tad over 550 pounds.
Mr Connor Vincent completed a purpose-built flat in Waddington in November 2012. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Comparative residencies in Waddington with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £45 billed quarterly. The lease lapsed on 21 October 2098. Considering the 73 years outstanding we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.
In 2011 we were phoned by Dr Caleb Phillips who, having bought a ground floor apartment in Waddington in October 1995. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparable residencies in Waddington with 100 year plus lease were in the region of £240,600. The average ground rent payable was £60 billed yearly. The lease elapsed in 2087. Considering the 62 years left we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus fees.