When it comes to long leasehold property in Whissendine, you are actually purchasing a right to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive notably once there are fewer than eighty years left. Anyone in Whissendine with a lease nearing 81 years left should seriously think of extending it sooner rather than later. When the lease term has under 80 years left, under the current statute the freeholder can calculate and demand a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold properties in Whissendine with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Whissendine can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 Whissendine lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the landlord of her one bedroom apartment in Whissendine, Alice started the lease extension process just as the lease was approaching the all-important eighty-year threshold. The transaction completed in October 2012. The freeholder’s fees were kept to an absolute minimum.
In 2013 we were called by Mr F Dupont who, having purchased a studio apartment in Whissendine in October 2009. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparative residencies in Whissendine with 100 year plus lease were valued around £181,600. The average amount of ground rent was £55 collected annually. The lease lapsed on 10 November 2077. Considering the 52 years unexpired we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus legals.
Dr U González bought a first floor apartment in Whissendine in June 2008. The dilemma was if we could approximate the price would be to prolong the lease by an additional years. Comparable residencies in Whissendine with a long lease were worth £290,000. The average amount of ground rent was £45 billed annually. The lease came to a finish on 26 February 2098. Given that there were 73 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.