Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Wadebridge. Inevitably, the period of lease left reduces as time goes by. This is often overlooked and only raises itself as an issue when the flat or house needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Eligible long lease owners in Wadebridge have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. You should give due attention before putting off your Wadebridge lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease
Leasehold properties in Wadebridge with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Wadebridge,the lease extension experts 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 Wadebridge valuers.
During the course of the last few months Riley, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Wadebridge. Having purchased his property twenty years previously, the length of the lease was of no importance. by good luck, he became aware that he needed to take action soon on Extending the lease. Riley arranged for a lease extension just in the nick of time last June. Riley and the freeholder eventually settled on a premium of £6,000 . If he failed to meet the deadline, the sum would have increased by at least £1,025.
Last year we were e-mailed by Mr Lewis Morel , who purchased a one bedroom apartment in Wadebridge in November 2006. The question was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Identical properties in Wadebridge with 100 year plus lease were worth £218,000. The average ground rent payable was £45 billed per annum. The lease terminated in 2089. Given that there were 63 years remaining we calculated the premium to the landlord to extend the lease to be between £17,100 and £19,800 plus legals.
In 2009 we were contacted by Mrs D Collins who, having acquired a basement apartment in Wadebridge in October 1995. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Identical homes in Wadebridge with an extended lease were worth £265,000. The average amount of ground rent was £50 billed quarterly. The lease elapsed in 2100. Given that there were 74 years unexpired we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.