When it comes to long leasehold premises in Wilford, you are actually purchasing a right to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than eighty years left. Residents in Wilford with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has below 80 years remaining, under the current Act the freeholder can calculate and levy a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
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 residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Wilford can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.
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 procuring Wilford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Seth owned a 2 bedroom apartment in Wilford being sold with a lease of just over 72 years remaining. Seth on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Seth to invoke his statutory right. Seth procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Last Christmas we were approach by Mr T Gómez , who took over the lease of a one bedroom flat in Wilford in March 1995. The question was if we could approximate the premium would be to prolong the lease by 90 years. Comparable flats in Wilford with a long lease were in the region of £225,800. The average amount of ground rent was £60 invoiced every twelve months. The lease ran out in 2086. Taking into account 60 years remaining we estimated the premium to the landlord for the lease extension to be between £25,700 and £29,600 not including fees.
Last Autumn we were phoned by Mrs L Jones , who completed a purpose-built apartment in Wilford in October 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Wilford with 100 year plus lease were worth £210,000. The average ground rent payable was £50 collected every twelve months. The lease expired on 27 July 2106. Having 80 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.