Wetherby leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard 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. Leasehold owners in Wetherby will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some cases you may not be entitled. There are prescribed timetables and steps to comply with once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Engaging our service gives you enhanced control over the value of your Wetherby leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful negotiations with the freeholder of her leasehold apartment in Wetherby, Rosie started the lease extension process as the 80 year mark was quickly approaching. The legal work was finalised in July 2006. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. H Lambert acquired a first floor apartment in Wetherby in July 2012. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative premises in Wetherby with a long lease were valued around £250,000. The mid-range ground rent payable was £50 invoiced yearly. The lease concluded on 14 June 2095. Considering the 69 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
Last Spring we were approach by Mr and Mrs. A André , who acquired a garden flat in Wetherby in November 1998. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparable properties in Wetherby with an extended lease were valued around £285,000. The average amount of ground rent was £55 billed per annum. The lease ran out in 2106. Having 80 years left we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including expenses.