Chances are that where you own a flat in Watlington you actually own a long leasehold interest over your property
Leasehold premises in Watlington with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| TSB | |
| Virgin |
The conveyancers that we work with procure Watlington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Half a year ago Thomas, started to get near to the eighty-year mark with the lease on his purpose- built apartment in Watlington. Having purchased his flat twenty years previously, the length of the lease was of little interest. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Thomas arranged for a lease extension just in the nick of time in January. Thomas and the landlord eventually settled on sum of £5,000 . If he had missed the deadline, the sum would have increased by at least £1,075.
In 2010 we were phoned by Mr Y White who, having purchased a first floor apartment in Watlington in July 2001. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Identical premises in Watlington with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease expired in 2093. Considering the 67 years remaining we calculated the premium to the landlord to extend the lease to be within £14,300 and £16,400 not including costs.
Last July we were called by Mr and Mrs. I Kelly , who was assigned a lease of a one bedroom flat in Watlington in April 1995. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Identical flats in Watlington with an extended lease were valued about £206,200. The average ground rent payable was £60 collected annually. The lease came to a finish on 7 March 2082. Given that there were 56 years outstanding we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including legals.