The re-sale value of a leasehold property in Whitnash depends on how many years the lease has remaining. If it is near to or fewer than 80 years you should envisage difficulties on re-sale, so it is recommended to arrange for a lease extension before buying. Ideally one should start the lease extension process when a lease still has 82 years unexpired so that a lease extension can be concluded well before the eighty year cut off point. Statute entitles Whitnash qualifying lessees to an additional term of ninety years in addition to the unexpired term, at a notional rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold residencies in Whitnash with more than 100 years left 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Santander | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Whitnash can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.
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 Whitnash lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her one bedroom apartment in Whitnash, Ellie initiated the lease extension process just as the lease was nearing the crucial 80-year mark. The transaction was concluded in June 2014. The landlord’s charges were negotiated to approximately 650 GBP.
Last Christmas we were contacted by Mrs Georgina Cox , who owned a ground floor apartment in Whitnash in March 2004. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparative properties in Whitnash with an extended lease were worth £280,000. The average amount of ground rent was £45 collected quarterly. The lease lapsed in 2095. Having 69 years remaining we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.
Last Spring we were e-mailed by Dr C Wilson , who moved into a basement apartment in Whitnash in October 2003. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Identical properties in Whitnash with an extended lease were valued around £216,000. The mid-range amount of ground rent was £60 collected every twelve months. The lease terminated in 2084. Given that there were 58 years outstanding we approximated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including legals.