Chances are that if you own a flat in Waolstenholme you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Lease extensions in Waolstenholme can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 Waolstenholme lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Jayden, started to get near to the 80-year threshold with the lease on his studio flat in Waolstenholme. In buying his flat 18 years previously, the unexpired term was of minimal bearing. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Jayden arranged for a lease extension just in the nick of time in March. Jayden and the landlord who owned the flat above subsequently agreed on a premium of £5,000 . If the lease had dropped below 80 years, the amount would have escalated by a minimum £1,000.
Mr and Mrs. V Norbert owned a purpose-built flat in Waolstenholme in March 2007. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative homes in Waolstenholme with an extended lease were valued about £257,800. The mid-range ground rent payable was £65 invoiced monthly. The lease ended on 9 March 2091. Having 65 years unexpired we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of professional charges.
Dr J Ward purchased a one bedroom apartment in Waolstenholme in April 2012. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Identical premises in Waolstenholme with 100 year plus lease were valued around £191,400. The average amount of ground rent was £55 invoiced annually. The lease elapsed on 14 February 2080. Having 54 years as a residual term we calculated the premium to the landlord to extend the lease to be between £34,200 and £39,600 plus costs.