The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Winchelsea may extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Winchelsea lease extension. Postponing the costs now simply escalates the premium you will ultimately be required to pay for a lease extension.
Leasehold residencies in Winchelsea with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| 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. |
| Chelsea Building Society | 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Irrespective of whether you are a tenant or a landlord in Winchelsea,the lease extension solicitors that we work with will always be willing 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.
Gabriel was the the leasehold owner of a studio apartment in Winchelsea being sold with a lease of just over 61 years left. Gabriel informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.
Mr and Mrs. J Bonnet acquired a newly refurbished apartment in Winchelsea in May 1999. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Similar premises in Winchelsea with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 invoiced monthly. The lease terminated on 25 July 2087. Given that there were 61 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 not including professional charges.
Dr Francesca King owned a garden apartment in Winchelsea in August 2012. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Identical flats in Winchelsea with a long lease were worth £171,800. The mid-range amount of ground rent was £55 billed monthly. The lease expired on 21 June 2076. Taking into account 50 years remaining we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 not including legals.