For anyone whose Whimple flat is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.
Leasehold residencies in Whimple with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society |
Lease extensions in Whimple can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer 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 a wealth of experience procuring Whimple lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Edward, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Whimple. In buying his flat 19 years ago, the lease term was of minimal interest. Fortunately, he recognised he needed to take action soon on a lease extension. Edward extended the lease just under the wire last September. Edward and the freeholder in the end agreed on the final figure of £5,000 . If the lease had gone to less than eighty years, the figure would have become more exhorbitant by at least £850.
Last Christmas we were approach by Dr Alfie Lewis , who was assigned a lease of a basement apartment in Whimple in September 2008. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Similar homes in Whimple with an extended lease were worth £189,000. The mid-range amount of ground rent was £55 billed per annum. The lease ran out in 2079. Considering the 53 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 plus fees.
In 2011 we were e-mailed by Dr Teddy Allen who, having purchased a newly refurbished apartment in Whimple in August 2007. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical properties in Whimple with an extended lease were worth £290,000. The mid-range ground rent payable was £45 invoiced per annum. The lease ended in 2099. Having 73 years left we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.