The value of Winchester leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is less than eighty years
Leasehold premises in Winchester with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Winchester can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 in-depth market knowledge procuring Winchester lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Freddie, came very close to the eighty-year mark with the lease on his studio apartment in Winchester. Having bought his home twenty years previously, the length of the lease was of minimal importance. by good luck, he became aware that he would imminently be paying way over the odds for Extending the lease. Freddie arranged for a lease extension at the eleventh hour last August. Freddie and the landlord who owned the flat above subsequently agreed on the final figure of £5,500 . If he failed to meet the deadline, the amount would have become more costly by at least £925.
Last year we were approach by Mr and Mrs. D Richardson , who moved into a one bedroom apartment in Winchester in March 1999. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical flats in Winchester with a long lease were worth £270,000. The mid-range ground rent payable was £65 collected monthly. The lease concluded in 2093. Given that there were 68 years left we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.
Mr F Adams owned a first floor flat in Winchester in February 1996. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Identical homes in Winchester with 100 year plus lease were in the region of £208,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease termination date was on 24 April 2082. Considering the 57 years remaining we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including professional charges.