With a residential leasehold property in Windsor, you are actually purchasing an entitlement to live in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially once there are fewer than 80 years remaining. Leasehold owners in Windsor with a lease nearing 81 years unexpired should seriously think of extending it without delay. When the lease term has below eighty years remaining, under the current Act the landlord can calculate and demand a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold properties in Windsor with in excess of 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 circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a freeholder in Windsor,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Windsor valuers.
In 2014 Jamie, started to get near to the eighty-year mark with the lease on his ground floor flat in Windsor. In buying his home two decades ago, the length of the lease was of little significance. As luck would have it, he recognised he would imminently be paying an escalated premium for Extending the lease. Jamie extended the lease at the eleventh hour in June. Jamie and the freeholder ultimately agreed on the final figure of £6,000 . If the lease had slipped to less than 80 years, the figure would have gone up by at least £900.
Ms Lauren Wright moved into a ground floor flat in Windsor in September 2005. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Identical properties in Windsor with a long lease were in the region of £285,000. The average amount of ground rent was £55 billed quarterly. The lease concluded on 2 January 2106. Given that there were 80 years unexpired we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.
In 2013 we were called by Dr Charlotte Morel who, having bought a one bedroom apartment in Windsor in April 1997. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Similar flats in Windsor with a long lease were valued about £200,800. The mid-range ground rent payable was £65 collected monthly. The lease ended on 7 March 2086. Considering the 60 years unexpired we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of costs.