Wheatley leases on domestic deteriorating in value. if your lease has about 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Wheatley will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not be entitled. There are also strict timetables and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold properties in Wheatley with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Santander |
Regardless of whether you are a tenant or a freeholder in Wheatley,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wheatley valuers.
Henry owned a high value flat in Wheatley on the market with a lease of a few days over fifty eight years left. Henry informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Henry to invoke his statutory right. Henry obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.
Dr Rosie Lee purchased a first floor apartment in Wheatley in June 2007. The question was if we could estimate the premium would be to prolong the lease by ninety years. Comparative premises in Wheatley with 100 year plus lease were valued about £242,600. The mid-range ground rent payable was £45 invoiced quarterly. The lease termination date was in 2093. Considering the 67 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including fees.
In 2009 we were phoned by Mr and Mrs. H Bennett who, having completed a studio apartment in Wheatley in March 2012. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar homes in Wheatley with an extended lease were worth £280,000. The mid-range amount of ground rent was £55 collected annually. The lease ended in 2104. Having 78 years remaining we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.