Westbourne leases on residential properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Westbourne will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain situations you may not be entitled. There are also strict deadlines and formalities to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Westbourne with in excess of 100 years unexpired 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 upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Westbourne can be a difficult process. We recommend you procure professional help from a lawyer 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 Westbourne 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 Alfie, started to get close to the 80-year threshold with the lease on his studio flat in Westbourne. Having purchased his home two decades ago, the unexpired term was of minimal significance. As luck would have it, he recognised he needed to take action soon on a lease extension. Alfie was able to extend his lease at the eleventh hour in September. Alfie and the landlord who owned the flat above in the end settled on the final figure of £6,000 . If the lease had dropped lower than eighty years, the premium would have escalated by at least £1,000.
In 2012 we were contacted by Mr and Mrs. A Rivera who, having bought a ground floor apartment in Westbourne in May 1999. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Comparable flats in Westbourne with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected per annum. The lease expired in 2093. Taking into account 67 years as a residual term we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.
In 2014 we were e-mailed by Mr Riley González who, having acquired a recently refurbished flat in Westbourne in November 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable premises in Westbourne with 100 year plus lease were valued around £206,200. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease terminated on 4 July 2082. Having 56 years left we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 plus expenses.