Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Winchcombe. Clearly, the term of lease remaining reduces over time. This may pass by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Winchcombe have the right to extend the lease for a further 90 years in accordance with legislation. You should give due attention before putting off your Winchcombe lease extension. Holding off that expense now only increases the price you will eventually incur to extend your lease
It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Winchcombe can be a difficult process. We recommend you secure professional help from a conveyancer 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 dealing with Winchcombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Felix owned a high value flat in Winchcombe on the market with a lease of fraction over 61 years left. Felix on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Felix to invoke his statutory right. Felix obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
In 2009 we were phoned by Dr C Williams who, having bought a one bedroom apartment in Winchcombe in August 1999. The dilemma was if we could estimate the price would be to extend the lease by 90 years. Comparative premises in Winchcombe with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £45 billed monthly. The lease finished on 4 August 2096. Given that there were 70 years as a residual term we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of fees.
Last Spring we were approach by Mr and Mrs. R Cox , who owned a purpose-built apartment in Winchcombe in June 1996. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Similar homes in Winchcombe with 100 year plus lease were valued about £223,400. The mid-range ground rent payable was £60 collected annually. The lease came to a finish in 2085. Having 59 years remaining we calculated the premium to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of fees.