With a long leasehold premises in Wingate, you are actually purchasing a right to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than eighty years left. Residents in Wingate with a lease nearing 81 years remaining should seriously consider extending it as soon as possible. Once the lease term has less than 80 years outstanding, under the current legislation the freeholder can calculate and levy a larger premium, assessed on a technical multiplication, known as “marriage value” which is payable.
Leasehold properties in Wingate with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Halifax | |
| TSB | |
| Virgin |
Lease extensions in Wingate can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Wingate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted correspondence with the freeholder of her two bedroom flat in Wingate, Georgia started the lease extension process as the 80 year deadline was quickly nearing. The legal work was concluded in August 2009. The landlord’s charges were kept to an absolute minimum.
In 2011 we were e-mailed by Ms K Evans who, having took over the lease of a one bedroom flat in Wingate in October 1999. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Comparative flats in Wingate with a long lease were in the region of £189,000. The average amount of ground rent was £55 invoiced monthly. The lease finished in 2079. Considering the 53 years remaining we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of legals.
In 2010 we were called by Mrs A García who, having took over the lease of a one bedroom apartment in Wingate in November 2005. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparative homes in Wingate with a long lease were worth £290,000. The average ground rent payable was £45 collected yearly. The lease end date was on 28 October 2099. Considering the 73 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.