Willen leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Willen tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Willen you really ought to check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Willen leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society |
The conveyancers that we work with undertake Willen 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 lawyer we work with provide it.
Subsequent to unsuccessful negotiations with the freeholder of her one bedroom flat in Willen, Madeleine started the lease extension process as the eighty year deadline was fast nearing. The lease extension completed in May 2014. The freeholder’s fees were restricted to below four hundred GBP.
Last November we were phoned by Mr P Wood , who bought a purpose-built apartment in Willen in August 1998. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative premises in Willen with an extended lease were worth £275,000. The mid-range ground rent payable was £65 invoiced every twelve months. The lease expired on 1 May 2094. Having 68 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
Dr Leon Vincent bought a garden flat in Willen in April 2001. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Identical properties in Willen with a long lease were worth £208,600. The average amount of ground rent was £60 collected every twelve months. The lease ran out on 27 April 2083. Having 57 years outstanding we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.