Wilford leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher premium will be due. Leasehold owners in Wilford will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some situations you may not qualify. There are also strict deadlines and steps to follow once the process is triggered so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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 Wilford can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience dealing with Wilford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oscar owned a studio apartment in Wilford being marketed with a lease of just over fifty eight years left. Oscar informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Oscar to invoke his statutory right. Oscar obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.
Last Summer we were e-mailed by Mrs B Morgan , who purchased a newly refurbished apartment in Wilford in November 1997. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar flats in Wilford with an extended lease were worth £267,600. The mid-range ground rent payable was £65 collected quarterly. The lease elapsed on 9 September 2093. Having 67 years left we calculated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 plus legals.
Mr Alex Bonnet acquired a purpose-built apartment in Wilford in January 1998. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Wilford with 100 year plus lease were worth £201,200. The average ground rent payable was £55 invoiced annually. The lease termination date was in 2082. Having 56 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus fees.