There is no doubt about it a leasehold property in Wanborough is a wasting asset as a result of the shortening lease. If the residual term has, over 100 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending sooner rather than later. Many flat owners in Wanborough will meet the qualifying criteria; nevertheless a lawyer can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Wanborough with more than 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 maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Wanborough can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.
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 in-depth market knowledge procuring Wanborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her purpose-built apartment in Wanborough, Ashleigh initiated the lease extension process just as the lease was approaching the all-important eighty-year deadline. The lease extension was concluded in June 2010. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. Y Cooper purchased a purpose-built apartment in Wanborough in June 2005. We are asked if we could approximate the price could be to prolong the lease by an additional years. Comparative premises in Wanborough with an extended lease were in the region of £168,800. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease finished in 2080. Taking into account 55 years left we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including fees.
Mr and Mrs. H Clarke was assigned a lease of a garden flat in Wanborough in September 1997. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar residencies in Wanborough with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 invoiced quarterly. The lease concluded on 3 February 2091. Given that there were 66 years remaining we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of legals.