It’s a harsh certainty that a Wadebridge 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 first few years due to the depreciation being disguised by increases in the Wadebridge property prices.Once your lease nears 85ish years, you need to start thinking about 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 slips below 80 years - otherwise a higher amount will be due. Most flat owners in Wadebridge will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the process.
Leasehold residencies in Wadebridge with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Skipton Building Society | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Wadebridge,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wadebridge valuers.
Two years ago Theo, started to get near to the eighty-year threshold with the lease on his ground floor flat in Wadebridge. Having purchased his property two decades ago, the lease term was of no importance. As luck would have it, he became aware that he would imminently be paying an escalated premium for Extending the lease. Theo extended the lease just under the wire in March. Theo and the landlord subsequently settled on sum of £5,500 . If the lease had dipped lower than 80 years, the figure would have become more exhorbitant by at least £950.
Last Spring we were called by Mr and Mrs. G Mercier , who purchased a ground floor flat in Wadebridge in February 2011. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in Wadebridge with 100 year plus lease were worth £242,600. The average ground rent payable was £45 billed annually. The lease elapsed on 14 May 2093. Considering the 67 years left we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus legals.
Last month we were phoned by Mrs Laura Lambert , who purchased a one bedroom flat in Wadebridge in April 2000. We are asked if we could estimate the price could be for a 90 year lease extension. Similar flats in Wadebridge with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated on 24 August 2104. Taking into account 78 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus fees.