Unfortunately that a Waolstenholme residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Waolstenholme property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be due. Most leasehold owners in Waolstenholme will be able to extend under the legislation; however a conveyancer should be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the process.
Leasehold premises in Waolstenholme with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Waolstenholme can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.
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.
Nathan owned a conversion apartment in Waolstenholme being sold with a lease of just over sixty years remaining. Nathan on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Nathan to exercise his statutory right. Nathan obtained expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.
Mrs Yasmin Norbert moved into a basement apartment in Waolstenholme in February 2000. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Waolstenholme with 100 year plus lease were valued about £225,800. The average amount of ground rent was £60 billed every twelve months. The lease expired on 19 July 2086. Considering the 60 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 exclusive of fees.
Ms Alicia Turner moved into a basement flat in Waolstenholme in May 2000. We are asked if we could approximate the price would be to prolong the lease by ninety years. Identical homes in Waolstenholme with 100 year plus lease were valued around £210,000. The average amount of ground rent was £50 collected yearly. The lease came to a finish in 2106. Having 80 years left we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.