Wadebridge leases on domestic properties are gradually losing value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Wadebridge will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Wadebridge with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Wadebridge can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 dealing with Wadebridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Cameron owned a conversion flat in Wadebridge being sold with a lease of a few days over fifty eight years remaining. Cameron informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Cameron to exercise his statutory right. Cameron procured expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.
Last year we were e-mailed by Mr T Bennett , who moved into a one bedroom flat in Wadebridge in August 1998. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Identical premises in Wadebridge with 100 year plus lease were in the region of £256,600. The average ground rent payable was £60 invoiced monthly. The lease expired on 19 May 2078. Given that there were 52 years outstanding we estimated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 not including legals.
Mrs L Adams bought a garden flat in Wadebridge in November 2003. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar properties in Wadebridge with a long lease were valued around £218,000. The average ground rent payable was £45 invoiced quarterly. The lease elapsed on 25 September 2089. Taking into account 63 years remaining we approximated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of professional charges.