As the length of the unexpired term of a Windsor residential lease lessens so does its value and therefore the value of your property. If the lease has, in excess of 99 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Windsor will qualify for this right; however a lawyer should be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Windsor with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Lloyds TSB Scotland | 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. |
Lease extensions in Windsor can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Windsor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy correspondence with the landlord of her basement flat in Windsor, Zoe commenced the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The transaction was concluded in November 2010. The landlord’s fees were kept to an absolute minimum.
Dr O Alexander purchased a one bedroom apartment in Windsor in October 2009. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparable homes in Windsor with an extended lease were in the region of £168,800. The average ground rent payable was £60 invoiced quarterly. The lease elapsed on 15 March 2080. Taking into account 55 years unexpired we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus fees.
Mrs C Bertrand moved into a garden flat in Windsor in July 1998. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Similar properties in Windsor with 100 year plus lease were in the region of £235,200. The average amount of ground rent was £45 billed monthly. The lease expired in 2091. Considering the 66 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.