The re-sale value of a leasehold property in Warminster depends on how long the lease has remaining. If it is near to or fewer than eighty years you should foresee difficulties on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is ideal to start the lease extension process when the lease still has 82 years unexpired so that all matters can be finalised well before the 80 year cut off point. Statute enables Warminster qualifying lessees to acquire a lease extension of 90 years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Warminster can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 a wealth of experience procuring Warminster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Jude, started to get near to the 80-year mark with the lease on his ground floor flat in Warminster. In buying his property two decades ago, the length of the lease was of little interest. Fortunately, he recognised he needed to take action soon on Extending the lease. Jude extended the lease just ahead of time in September. Jude and the landlord who owned the flat above eventually settled on sum of £6,000 . If he not met the deadline, the premium would have gone up by at least £1,075.
In 2014 we were e-mailed by Mr R Martin who, having took over the lease of a one bedroom apartment in Warminster in March 2007. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical homes in Warminster with a long lease were valued about £240,600. The mid-range amount of ground rent was £60 billed monthly. The lease came to a finish in 2088. Considering the 62 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 not including costs.
Mr and Mrs. W Murphy acquired a newly refurbished flat in Warminster in June 2010. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Similar residencies in Warminster with a long lease were in the region of £174,200. The average ground rent payable was £55 billed every twelve months. The lease concluded on 16 May 2077. Considering the 51 years outstanding we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.