Windlesham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Windlesham tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Windlesham you really ought to see if your lease has between 70 and 90 years remaining. There are good reasons why a Windlesham leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Windlesham can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 Windlesham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Andrew was the the leasehold proprietor of a studio apartment in Windlesham on the market with a lease of a little over 72 years remaining. Andrew on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Andrew to invoke his statutory right. Andrew procured expert advice and was able to make an informed decision and handle with the matter and sell the property.
Last Autumn we were approach by Dr K Edwards , who owned a ground floor apartment in Windlesham in August 2012. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Identical premises in Windlesham with 100 year plus lease were valued around £275,000. The mid-range ground rent payable was £55 collected annually. The lease elapsed in 2102. Considering the 76 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.
Mr and Mrs. W Bell acquired a ground floor flat in Windlesham in August 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Similar premises in Windlesham with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 billed every twelve months. The lease finished in 2082. Given that there were 56 years as a residual term we estimated the premium to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of legals.