Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Whitmore. Clearly, the length of lease remaining reduces over time. This is often ignored and only raises itself as an issue when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Whitmore have the legal entitlement to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Do give due attention before putting off your Whitmore lease extension. Holding off the cost now simply increases the price you will ultimately have to pay for a lease extension
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Whitmore can be a difficult process. We recommend you obtain 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 procuring Whitmore 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 leasehold flat in Whitmore, Daisy started the lease extension process just as her lease was nearing the critical 80-year threshold. The legal work was concluded in March 2006. The freeholder’s charges were restricted to slightly above 550 pounds.
Ms B Khan acquired a ground floor apartment in Whitmore in November 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical homes in Whitmore with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £55 billed every twelve months. The lease expiry date was in 2104. Given that there were 78 years left we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of costs.
In 2012 we were phoned by Mr and Mrs. D Moore who, having took over the lease of a one bedroom flat in Whitmore in March 2007. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in Whitmore with an extended lease were in the region of £186,000. The mid-range ground rent payable was £65 collected quarterly. The lease finished on 10 September 2084. Taking into account 58 years remaining we approximated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 plus costs.