Wadebridge leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Wadebridge will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Wadebridge with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a landlord in Wadebridge,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wadebridge valuers.
Last October James, came critically near to the eighty-year threshold with the lease on his one bedroom apartment in Wadebridge. In buying his flat two decades ago, the unexpired term was of no interest. Luckily, it dawned on him that he would soon be paying way over the odds for Extending the lease. James arranged for a lease extension just under the wire in March. James and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If the lease had dipped to less than eighty years, the amount would have escalated by a minimum £850.
In 2011 we were e-mailed by Mr and Mrs. F Mercier who, having took over the lease of a newly refurbished flat in Wadebridge in July 2011. The question was if we could estimate the price would likely be for a 90 year extension to my lease. Comparative flats in Wadebridge with a long lease were in the region of £193,400. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease came to a finish in 2085. Considering the 59 years unexpired we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including professional charges.
Last May we were approach by Dr E Hernández , who owned a studio apartment in Wadebridge in April 2007. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative flats in Wadebridge with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease came to a finish in 2096. Given that there were 70 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.