Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Wilberfoss. Clearly, the term of lease left shortens over time. This is often ignored and only becomes a problem when the flat or house has to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Wilberfoss have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give careful attention before delaying your Wilberfoss lease extension. Holding off that expense now simply increases the price you will eventually incur to extend your lease
Leasehold premises in Wilberfoss with over 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 property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Wilberfoss,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wilberfoss valuers.
Last year Joshua, started to get close to the eighty-year mark with the lease on his purpose- built apartment in Wilberfoss. In buying his home 19 years ago, the length of the lease was of no interest. Luckily, he recognised he needed to take action soon on a lease extension. Joshua arranged for a lease extension at the eleventh hour in January. Joshua and the freeholder subsequently settled on sum of £5,500 . If he not met the deadline, the premium would have escalated by a minimum £1,000.
Last Autumn we were e-mailed by Dr Oscar Cook , who was assigned a lease of a recently refurbished apartment in Wilberfoss in June 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative homes in Wilberfoss with an extended lease were valued around £255,000. The average ground rent payable was £50 collected annually. The lease finished in 2096. Having 71 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.
In 2012 we were approached by Mr and Mrs. E Mitchell who, having purchased a purpose-built apartment in Wilberfoss in June 2002. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical flats in Wilberfoss with a long lease were in the region of £254,200. The mid-range ground rent payable was £60 invoiced annually. The lease elapsed on 25 June 2076. Given that there were 51 years remaining we estimated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 plus legals.