There is no doubt about it a leasehold property in Westbury Park is a wasting asset as a result of the shortening lease. If the lease has, more than one hundred years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Westbury Park will meet the qualifying criteria; that being said a conveyancer will be able to confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Westbury Park with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Westbury Park can be a difficult process. We recommend you obtain professional help from a conveyancer 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 Westbury Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Daniel owned a conversion apartment in Westbury Park on the market with a lease of a little over 72 years outstanding. Daniel informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Daniel to exercise his statutory right. Daniel procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.
Last Spring we were approach by Mr and Mrs. G Roberts , who owned a studio flat in Westbury Park in May 2000. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar properties in Westbury Park with an extended lease were valued around £240,600. The mid-range amount of ground rent was £60 invoiced monthly. The lease finished on 9 March 2087. Taking into account 62 years outstanding we estimated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including professional charges.
Dr U Evans owned a basement apartment in Westbury Park in March 2012. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Similar premises in Westbury Park with 100 year plus lease were valued about £174,200. The average ground rent payable was £55 billed every twelve months. The lease ran out in 2076. Having 51 years left we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus fees.