As the length of the unexpired term of a Waterhouses residential lease decreases so does its value and therefore the value of your property. If the lease has, over 125 years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. Most flat owners in Waterhouses will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Waterhouses with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Waterhouses can be a difficult process. We recommend you get guidance 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 in-depth market knowledge procuring Waterhouses lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn Ollie, came very near to the 80-year mark with the lease on his leasehold flat in Waterhouses. Having purchased his flat 19 years ago, the lease term was of little concern. As luck would have it, it dawned on him that he needed to take action soon on a lease extension. Ollie extended the lease just under the wire in March. Ollie and the landlord ultimately agreed on an amount of £6,000 . If he failed to meet the deadline, the sum would have escalated by at least £950.
Last March we were approach by Ms Mollie Watson , who acquired a recently refurbished flat in Waterhouses in November 2006. We are asked if we could approximate the price could be to prolong the lease by 90 years. Comparative flats in Waterhouses with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £45 collected yearly. The lease lapsed on 1 February 2100. Having 74 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.
Mr and Mrs. N Ward moved into a garden flat in Waterhouses in June 2008. We are asked if we could approximate the premium would likely be to prolong the lease by 90 years. Similar residencies in Waterhouses with an extended lease were valued about £243,000. The average amount of ground rent was £65 collected annually. The lease expired in 2089. Considering the 63 years remaining we calculated the premium to the landlord for the lease extension to be within £20,000 and £23,000 plus professional charges.