The closer a domestic lease in Wantage nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 99 years to run then this decrease may be of little impact that being said there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Wantage will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Wantage can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
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 dealing with Wantage lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Freddie owned a studio apartment in Wantage being sold with a lease of fraction over 61 years outstanding. Freddie on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Freddie to invoke his statutory right. Freddie procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
Last Winter we were contacted by Ms Kayleigh Davis , who completed a one bedroom flat in Wantage in February 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar residencies in Wantage with a long lease were worth £198,800. The mid-range ground rent payable was £55 collected per annum. The lease concluded on 21 February 2081. Considering the 55 years as a residual term we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.
In 2012 we were approached by Dr Milo Evans who, having moved into a ground floor flat in Wantage in September 1998. The question was if we could approximate the premium would be to extend the lease by 90 years. Comparative homes in Wantage with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced annually. The lease finished on 26 July 2101. Given that there were 75 years unexpired we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.