Winnersh leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Winnersh tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Winnersh you would be well advised to see if your lease has between 70 and ninety years left. There are good reasons why a Winnersh flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is put in place without delay
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander |
The conveyancing solicitors that we work with procure Winnersh 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.
In the wake of 9 months of protracted negotiations with the freeholder of her garden apartment in Winnersh, Molly started the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension was concluded in May 2007. The landlord’s fees were kept to an absolute minimum.
Last Christmas we were e-mailed by Mr Sebastian Wright , who took over the lease of a purpose-built apartment in Winnersh in March 2003. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparative homes in Winnersh with an extended lease were valued about £200,000. The mid-range amount of ground rent was £50 billed monthly. The lease terminated on 3 May 2104. Having 78 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.
In 2011 we were e-mailed by Mr and Mrs. Y Gray who, having took over the lease of a one bedroom flat in Winnersh in September 1999. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical homes in Winnersh with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected quarterly. The lease lapsed on 7 May 2093. Considering the 67 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 not including costs.