Whitwick leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Whitwick will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Whitwick can be a difficult process. We recommend you secure guidance from a lawyer 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 in-depth market knowledge dealing with Whitwick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful discussions with the freeholder of her one bedroom apartment in Whitwick, Erin started the lease extension process just as the lease was coming close to the all-important eighty-year mark. The legal work was concluded in September 2011. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. S Sánchez completed a studio apartment in Whitwick in July 2009. The dilemma was if we could approximate the price would be to prolong the lease by an additional years. Identical residencies in Whitwick with a long lease were in the region of £260,000. The average amount of ground rent was £50 billed per annum. The lease finished in 2098. Having 72 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.
Mr and Mrs. W Smith completed a one bedroom apartment in Whitwick in October 1996. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparable flats in Whitwick with an extended lease were valued around £261,600. The mid-range ground rent payable was £60 invoiced annually. The lease termination date was in 2078. Considering the 52 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 exclusive of professional charges.