On the balance of probabilities if you own a flat in West Wickham you actually own a long leasehold interest over your property
Leasehold premises in West Wickham with in excess of one hundred years left on the lease are sometimes 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 purchasing the reversionary interest 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
Lease extensions in West Wickham can be a difficult process. We recommend you secure professional help 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 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.
Last Christmas Isaac, started to get near to the eighty-year threshold with the lease on his first floor flat in West Wickham. Having purchased his property 19 years ago, the unexpired term was of no significance. Fortunately, he realised he would imminently be paying an inflated amount for a lease extension. Isaac extended the lease at the eleventh hour in January. Isaac and the freeholder via the management company ultimately settled on sum of £5,500 . If the lease had fallen to less than 80 years, the price would have increased by at least £1,125.
In 2011 we were phoned by Mr and Mrs. C Thompson who, having completed a purpose-built apartment in West Wickham in April 2012. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar residencies in West Wickham with 100 year plus lease were worth £198,800. The average ground rent payable was £55 invoiced annually. The lease expired in 2081. Given that there were 55 years remaining we calculated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 plus legals.
An example of a Freehold Enfranchisement case for a West Wickham premises 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 residue of the current lease was 76.75 and 88.83.