Waterbeach leases on residential deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease dips below eighty years - otherwise a higher premium will be due. Flat owners in Waterbeach will mostly qualify for a lease extension; however a solicitor will check if you qualify. In some circumstances you may not qualify. There are prescribed timetables and formalities to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Waterbeach with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Waterbeach,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Waterbeach valuers.
14 months ago Freddie, started to get close to the 80-year mark with the lease on his studio apartment in Waterbeach. In buying his home two decades ago, the length of the lease was of minimal importance. by good luck, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Freddie extended the lease just in the nick of time in April. Freddie and the freeholder via the managing agents ultimately settled on an amount of £6,000 . If the lease had dipped below 80 years, the figure would have become more costly by at least £900.
In 2011 we were called by Mr and Mrs. Y Watson who, having moved into a one bedroom apartment in Waterbeach in January 1999. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar properties in Waterbeach with an extended lease were in the region of £270,000. The average ground rent payable was £55 collected quarterly. The lease ended in 2100. Taking into account 74 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
Mr and Mrs. Y Girard completed a studio apartment in Waterbeach in November 2008. The question was if we could estimate the price would likely be to extend the lease by an additional years. Similar residencies in Waterbeach with 100 year plus lease were valued around £166,400. The average amount of ground rent was £60 collected annually. The lease expired in 2080. Taking into account 54 years outstanding we estimated the premium to the landlord for the lease extension to be within £32,300 and £37,400 plus costs.