West Wittering leases on residential deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay 50% 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 extra value that a lease extension will add to the property. Leasehold owners in West Wittering will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not qualify. There are prescribed timetables and procedures to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in West Wittering can be a difficult process. We recommend you procure guidance 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 dealing with West Wittering lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted discussions with the landlord of her studio apartment in West Wittering, Natalie commenced the lease extension process as the 80 year mark was fast approaching. The lease extension was finalised in November 2006. The landlord’s fees were negotiated to about 450 pounds.
In 2013 we were e-mailed by Mrs Kate Taylor who, having was assigned a lease of a garden apartment in West Wittering in September 2011. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparable homes in West Wittering with a long lease were worth £216,000. The average amount of ground rent was £60 invoiced yearly. The lease ended in 2083. Having 58 years outstanding we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus fees.
Last year we were contacted by Dr O Kelly , who owned a first floor apartment in West Wittering in January 2004. We are asked if we could approximate the price could be to extend the lease by ninety years. Similar homes in West Wittering with an extended lease were in the region of £205,000. The mid-range ground rent payable was £50 invoiced yearly. The lease elapsed in 2103. Considering the 78 years left we approximated the premium to the landlord to extend the lease to be between £7,600 and £8,800 not including legals.