The market value of Waolstenholme leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the unexpired lease term is below than 80 years
It is generally accepted that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
The lawyers that we work with undertake Waolstenholme lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
After protracted correspondence with the landlord of her leasehold apartment in Waolstenholme, Katie started the lease extension process just as her lease was nearing the all-important eighty-year mark. The lease extension completed in May 2013. The landlord’s costs were kept to an absolute minimum.
In 2009 we were approached by Ms Natasha Stewart who, having was assigned a lease of a newly refurbished flat in Waolstenholme in November 1996. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Similar flats in Waolstenholme with an extended lease were valued around £205,000. The average ground rent payable was £50 collected per annum. The lease expired on 21 March 2105. Given that there were 79 years left we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.
In 2011 we were phoned by Mr D Scott who, having owned a studio flat in Waolstenholme in July 2002. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Identical premises in Waolstenholme with 100 year plus lease were worth £275,000. The average amount of ground rent was £65 billed annually. The lease came to a finish on 18 August 2094. Taking into account 68 years remaining we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.