Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Winkleigh. Inevitably, the term of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Winkleigh have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give due attention before putting off your Winkleigh lease extension. Holding off that expense now only increases the price you will ultimately have to pay to extend your lease
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Virgin |
The conveyancing solicitors that we work with procure Winkleigh lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
16 months ago Tommy, came critically near to the eighty-year threshold with the lease on his ground floor apartment in Winkleigh. In buying his home 18 years previously, the length of the lease was of little interest. Luckily, he noticed he needed to take steps soon on a lease extension. Tommy was able to extend his lease just under the wire last August. Tommy and the landlord eventually agreed on the final figure of £5,500 . If the lease had slipped below 80 years, the premium would have gone up by a minimum £900.
In 2009 we were contacted by Mr Jackson Thompson who, having acquired a purpose-built apartment in Winkleigh in July 1999. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical flats in Winkleigh with an extended lease were valued around £245,000. The mid-range amount of ground rent was £50 billed quarterly. The lease terminated in 2094. Taking into account 68 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
Last month we were contacted by Mr Ryan Walker , who acquired a recently refurbished flat in Winkleigh in October 1999. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable homes in Winkleigh with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease expired in 2105. Considering the 79 years left we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.