Walkington leases on domestic properties are gradually losing value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease drops under 80 years - otherwise a higher amount will be due. Leasehold owners in Walkington will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to follow once the process is triggered so it’s sensible to be guided by a lawyer during the process.
Leasehold residencies in Walkington with more than one hundred years outstanding 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 home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Walkington,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Walkington valuers.
Following protracted discussions with the freeholder of her studio flat in Walkington, Rhiannon commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The legal work was concluded in July 2005. The landlord’s costs were restricted to about 450 GBP.
Last Summer we were phoned by Mrs Sophia Anderson , who bought a basement flat in Walkington in May 2000. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Identical homes in Walkington with 100 year plus lease were in the region of £174,200. The mid-range amount of ground rent was £55 billed annually. The lease finished in 2076. Taking into account 51 years unexpired we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus expenses.
In 2011 we were contacted by Mr I Lefebvre who, having was assigned a lease of a garden flat in Walkington in January 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Walkington with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease terminated in 2096. Given that there were 71 years unexpired we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus legals.