West Wickham leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in West Wickham will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is initiated so it’s best to be guided by a lawyer during the process.
Leasehold premises in West Wickham with over 100 years remaining 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in West Wickham can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience procuring West Wickham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Alexander, started to get near to the 80-year mark with the lease on his first floor flat in West Wickham. Having bought his property two decades ago, the lease term was of minimal significance. Thankfully, he recognised he would soon be paying an escalated premium for a lease extension. Alexander extended the lease at the eleventh hour last May. Alexander and the freeholder in the end agreed on an amount of £5,500 . If he had missed the deadline, the premium would have increased by a minimum £1,075.
In 2010 we were phoned by Ms Georgia Laurent who, having moved into a basement flat in West Wickham in September 2000. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparable properties in West Wickham with a long lease were worth £280,000. The average ground rent payable was £45 billed every twelve months. The lease finished in 2094. Considering the 69 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.
An example of a Freehold Enfranchisement matter before the tribunal for a West Wickham residence is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case related to 2 flats. The unexpired term was 76.75 and 88.83.