There is no doubt about it a leasehold flat or house in Wick is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 125 years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner as opposed to later. Many flat owners in Wick will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Wick with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB |
The lawyers that we work with procure Wick lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Following lengthy discussions with the landlord of her two bedroom apartment in Wick, Anna started the lease extension process just as her lease was nearing the critical eighty-year threshold. The legal work completed in March 2010. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. J Roux bought a one bedroom apartment in Wick in November 2004. The question was if we could estimate the price could be to prolong the lease by a further 90 years. Comparative homes in Wick with an extended lease were worth £210,000. The average ground rent payable was £50 invoiced yearly. The lease end date was on 23 February 2106. Taking into account 80 years remaining we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.
Mr and Mrs. V Brooks was assigned a lease of a studio flat in Wick in August 2006. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparative homes in Wick with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease lapsed in 2095. Considering the 69 years outstanding we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.