Winchcombe Lease Extension - Free Consultation

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Top reasons for Winchcombe lease extension


Main reasons to start your Winchcombe lease extension today:

Increase your lease and increase your Winchcombe property value

On the balance of probabilities where you own a flat in Winchcombe you actually own a long leasehold interest over your property

Winchcombe property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Considering plenty of flats in Winchcombe were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

What makes us experts in Winchcombe lease extensions?

Lease extensions in Winchcombe can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Winchcombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Winchcombe Lease Extension Case Summaries:

Mia, Winchcombe, Gloucestershire,

Trailing unsuccessful correspondence with the freeholder of her one bedroom apartment in Winchcombe, Mia commenced the lease extension process as the eighty year threshold was fast coming. The transaction was concluded in April 2006. The landlord’s costs were negotiated to a tad over 700 pounds.

Winchcombe case:

Dr Ben Richardson bought a first floor apartment in Winchcombe in January 2011. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar premises in Winchcombe with 100 year plus lease were valued about £205,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease came to a finish in 2100. Considering the 78 years left we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including expenses.

Winchcombe case:

In 2012 we were approached by Mr and Mrs. F Roux who, having moved into a ground floor flat in Winchcombe in October 2001. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Similar properties in Winchcombe with an extended lease were valued around £267,600. The average amount of ground rent was £65 billed per annum. The lease expired on 1 February 2089. Having 67 years remaining we approximated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 plus expenses.