The re-sale value of a leasehold property in Wickersley depends on how long the lease has remaining. If it is near to or less than eighty years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension before buying. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be finalised ahead of the eighty year mark. Leasehold Reform legislation enables Wickersley qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a supplemental term of ninety years. The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Wickersley,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wickersley valuers.
Trailing unsuccessful discussions with the landlord of her garden flat in Wickersley, Caitlin commenced the lease extension process just as her lease was approaching the crucial 80-year mark. The legal work was concluded in October 2014. The landlord’s costs were kept to an absolute minimum.
Last Spring we were phoned by Mrs Aimee Young , who purchased a basement flat in Wickersley in June 2004. The question was if we could approximate the price would be to prolong the lease by a further 90 years. Similar flats in Wickersley with a long lease were valued about £255,000. The average amount of ground rent was £50 collected monthly. The lease expired on 21 February 2097. Taking into account 71 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.
Last Summer we were e-mailed by Mr Sam Anderson , who purchased a one bedroom apartment in Wickersley in June 2006. We are asked if we could approximate the price could be to extend the lease by an additional years. Identical properties in Wickersley with an extended lease were valued about £254,200. The mid-range amount of ground rent was £60 billed annually. The lease ended on 22 May 2077. Considering the 51 years remaining we estimated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of professional charges.