Waterlooville leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Waterlooville will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 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 |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Retaining our service gives you increased control over the value of your Waterlooville leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of lengthy negotiations with the landlord of her basement apartment in Waterlooville, Lucy started the lease extension process as the eighty year threshold was swiftly nearing. The transaction was finalised in February 2012. The freeholder’s fees were kept to an absolute minimum.
In 2014 we were contacted by Mr and Mrs. H Michel who, having took over the lease of a one bedroom flat in Waterlooville in June 2000. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical residencies in Waterlooville with 100 year plus lease were valued about £206,200. The average ground rent payable was £60 collected quarterly. The lease terminated on 5 October 2082. Given that there were 56 years unexpired we estimated the premium to the landlord for the lease extension to be within £32,300 and £37,400 plus fees.
Mrs Ella Hall completed a one bedroom flat in Waterlooville in June 1996. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical homes in Waterlooville with an extended lease were worth £300,000. The average ground rent payable was £50 collected quarterly. The lease came to a finish on 25 October 2102. Having 76 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.