Windlesham leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Windlesham will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has started so it’s best to be guided by a lawyer during the process.
Leasehold residencies in Windlesham with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Yorkshire 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. |
Lease extensions in Windlesham can be a difficult process. We recommend you obtain guidance from a conveyancer 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 a wealth of experience 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.
Off the back of protracted negotiations with the landlord of her one bedroom flat in Windlesham, Courtney started the lease extension process as the eighty year threshold was rapidly advancing. The lease extension was concluded in July 2006. The freeholder’s costs were kept to an absolute minimum.
Mr Dexter Clarke bought a first floor flat in Windlesham in April 2002. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar homes in Windlesham with 100 year plus lease were valued about £245,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease ran out on 21 January 2093. Considering the 68 years unexpired we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.
Ms Niamh Hall completed a one bedroom apartment in Windlesham in January 2011. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable premises in Windlesham with an extended lease were in the region of £280,000. The average amount of ground rent was £55 billed annually. The lease ran out on 16 August 2104. Given that there were 79 years outstanding we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including professional charges.