The re-sale value of a leasehold property in Washwood Heath depends on how many years the lease has remaining. If it is near to or fewer than 80 years you should anticipate difficulties on re-sale, so it is recommended to arrange for the lease to be extended prior to purchasing. It is preferable to start the lease extension process when the lease still has 82 years unexpired so that a lease extension can be concluded in advance of the eighty year mark. Statute enables Washwood Heath qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus an additional term of ninety years. The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold premises in Washwood Heath with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘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 upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society |
Engaging our service will provide you better control over the value of your Washwood Heath leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Luca was the the leasehold owner of a studio apartment in Washwood Heath on the market with a lease of just over 72 years left. Luca on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Luca to exercise his statutory right. Luca procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
Mr and Mrs. D Laurent acquired a ground floor apartment in Washwood Heath in June 1996. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Identical residencies in Washwood Heath with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 collected annually. The lease came to a finish in 2091. Having 65 years outstanding we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 not including fees.
In 2009 we were called by Mrs K Kelly who, having moved into a basement flat in Washwood Heath in May 2011. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Identical flats in Washwood Heath with 100 year plus lease were in the region of £191,400. The mid-range ground rent payable was £55 billed annually. The lease end date was on 5 April 2080. Having 54 years left we calculated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 plus costs.