Whittlesey leases on residential deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls below 80 years - otherwise a higher amount will be payable. Flat owners in Whittlesey will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain situations you may not qualify. There are also strict timetables and procedures to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Whittlesey with in excess of one hundred years remaining 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB |
Lease extensions in Whittlesey can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 Whittlesey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alexander was the the leasehold proprietor of a high value flat in Whittlesey being sold with a lease of a little over 59 years remaining. Alexander on an informal basis contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and was able to make an informed decision and deal with the matter and readily saleable.
In 2012 we were called by Ms Rhiannon Bennett who, having moved into a basement flat in Whittlesey in March 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical flats in Whittlesey with an extended lease were in the region of £216,000. The average ground rent payable was £60 invoiced annually. The lease lapsed on 3 January 2084. Given that there were 58 years as a residual term we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.
In 2014 we were called by Mr Toby Bell who, having acquired a one bedroom apartment in Whittlesey in August 2005. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar homes in Whittlesey with an extended lease were valued around £205,000. The average amount of ground rent was £50 billed quarterly. The lease ran out on 19 April 2104. Having 78 years outstanding we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.