The re-sale value of a leasehold property in Washwood Heath depends on how many years the lease has remaining. If it is close to or less than 80 years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension prior to purchasing. It is ideal to start the process of extending the lease is when the lease still has 82 years unexpired so that formalities can be concluded well before the eighty year threshold. Leasehold Reform legislation entitles Washwood Heath qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a supplemental term of ninety years. The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold residencies in Washwood Heath with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Washwood Heath can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 a wealth of experience procuring Washwood Heath 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 Jasper, came precariously near to the eighty-year mark with the lease on his leasehold apartment in Washwood Heath. In buying his property two decades ago, the length of the lease was of minimal relevance. Fortunately, he became aware that he would imminently be paying an inflated amount for Extending the lease. Jasper arranged for a lease extension just under the wire in August. Jasper and the freeholder via the management company in the end agreed on the final figure of £5,000 . If the lease had fallen below 80 years, the figure would have escalated by a minimum £1,075.
Last year we were approach by Ms Rosie Davis , who was assigned a lease of a recently refurbished apartment in Washwood Heath in January 2009. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative residencies in Washwood Heath with 100 year plus lease were valued around £208,600. The mid-range ground rent payable was £60 collected yearly. The lease concluded on 21 May 2083. Taking into account 57 years left we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 plus expenses.
Dr Courtney Green took over the lease of a one bedroom flat in Washwood Heath in April 2000. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparable residencies in Washwood Heath with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease concluded on 25 September 2103. Taking into account 77 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including expenses.