The market value of Whimple leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than 80 years
Leasehold residencies in Whimple with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society |
Lease extensions in Whimple can be a difficult process. We recommend you procure professional help from a lawyer 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 in-depth market knowledge dealing with Whimple lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Noah, came perilously near to the eighty-year mark with the lease on his one bedroom apartment in Whimple. Having bought his home two decades ago, the length of the lease was of no concern. Fortunately, he recognised he would imminently be paying way over the odds for a lease extension. Noah extended the lease at the eleventh hour last March. Noah and the landlord who owned the flat above ultimately agreed on an amount of £5,500 . If the lease had dropped to less than 80 years, the sum would have increased by a minimum £1,025.
Last Autumn we were approach by Mr and Mrs. Y Gray , who was assigned a lease of a newly refurbished flat in Whimple in October 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative homes in Whimple with a long lease were in the region of £210,000. The average ground rent payable was £50 billed every twelve months. The lease expiry date was on 27 April 2106. Given that there were 80 years remaining we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.
In 2014 we were phoned by Dr Dexter Rodríguez who, having owned a purpose-built flat in Whimple in July 2001. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Similar homes in Whimple with a long lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed per annum. The lease terminated on 9 October 2095. Having 69 years remaining we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.