Unfortunately that a Weybridge residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Weybridge property market.Once your lease gets to 85ish years, you should start considering a lease extension. If the number of years remaining slips below eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Weybridge will be able to extend under the legislation; however a lawyer will be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the formalities.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Yorkshire Building Society |
Lease extensions in Weybridge can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
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 in-depth market knowledge procuring Weybridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Mason, started to get close to the eighty-year mark with the lease on his basement flat in Weybridge. In buying his home 18 years previously, the lease term was of no importance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Mason extended the lease just under the wire in March. Mason and the freeholder ultimately settled on the final figure of £6,000 . If the lease had fallen below eighty years, the sum would have become more costly by at least £850.
Mr K Nelson completed a basement flat in Weybridge in November 2008. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative premises in Weybridge with an extended lease were valued about £280,000. The average amount of ground rent was £55 collected annually. The lease terminated on 4 July 2104. Taking into account 78 years as a residual term we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including expenses.
An example of a Lease Extension case for a Weybridge premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The number of years remaining on the existing lease(s) was 82.93 years.