The only way is down when it comes to Windmill Hill lease terms. Windmill Hill leaseholds that have a lease term shorter than 80 years will drop in value even faster, and the cost of extending your lease will rise.
Leasehold residencies in Windmill Hill with in excess of 100 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 home. In such situations there is often little to be gained by 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Windmill Hill can be a difficult process. We recommend you obtain professional help 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 dealing with Windmill Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted negotiations with the freeholder of her basement flat in Windmill Hill, Aimee started the lease extension process as the eighty year mark was rapidly nearing. The lease extension was finalised in October 2015. The landlord’s charges were restricted to less than 650 GBP.
Last September we were e-mailed by Mr and Mrs. I Peterson , who took over the lease of a studio apartment in Windmill Hill in October 2009. The question was if we could estimate the price would be to extend the lease by a further 90 years. Comparative flats in Windmill Hill with a long lease were valued about £235,200. The average amount of ground rent was £45 billed monthly. The lease lapsed in 2091. Given that there were 66 years left we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.
In 2009 we were phoned by Dr Morgan Johnson who, having was assigned a lease of a one bedroom apartment in Windmill Hill in February 2002. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Comparable flats in Windmill Hill with a long lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease concluded in 2102. Given that there were 77 years remaining we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including legals.