Wheathampstead leases on residential properties are gradually losing value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the current lease falls below eighty years - otherwise a higher premium will be due. Flat owners in Wheathampstead will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not qualify. There are prescribed timetables and formalities to follow once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| TSB |
Regardless of whether you are a tenant or a landlord in Wheathampstead,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wheathampstead valuers.
Following unsuccessful correspondence with the freeholder of her one bedroom apartment in Wheathampstead, Lily commenced the lease extension process as the eighty year threshold was fast nearing. The transaction was finalised in January 2013. The landlord’s charges were negotiated to less than 450 GBP.
In 2014 we were contacted by Dr Omar Davies who, having completed a one bedroom flat in Wheathampstead in October 2000. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative properties in Wheathampstead with a long lease were worth £181,600. The average ground rent payable was £55 collected annually. The lease ended in 2078. Having 52 years left we approximated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.
In 2014 we were e-mailed by Dr Isaac Allen who, having purchased a purpose-built flat in Wheathampstead in August 2011. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Similar premises in Wheathampstead with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease concluded in 2098. Given that there were 72 years left we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.