Chances are that if you own a flat in Winchelsea you actually own a long leasehold interest over your property
Leasehold residencies in Winchelsea with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Winchelsea,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Winchelsea valuers.
In the wake of eight months of protracted correspondence with the landlord of her leasehold apartment in Winchelsea, Rachel commenced the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work completed in February 2010. The freeholder’s charges were kept to an absolute minimum.
Dr W Thomas purchased a basement apartment in Winchelsea in November 1999. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar residencies in Winchelsea with an extended lease were valued about £243,000. The mid-range ground rent payable was £65 collected annually. The lease expiry date was in 2089. Taking into account 63 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 not including expenses.
Dr Cameron Williams purchased a first floor flat in Winchelsea in February 2007. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical flats in Winchelsea with a long lease were valued about £181,600. The average ground rent payable was £55 collected per annum. The lease terminated in 2078. Considering the 52 years left we calculated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of costs.