With a long leasehold premises in Winscombe, you are actually purchasing a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than 80 years left. Residents in Winscombe with a lease nearing 81 years remaining should seriously think of extending it sooner as opposed to later. When the lease term has under eighty years remaining, under the relevant statute the landlord is entitled to calculate and levy a greater premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold properties in Winscombe with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Winscombe can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 Winscombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Henry, started to get close to the eighty-year mark with the lease on his basement flat in Winscombe. Having bought his flat 19 years previously, the lease term was of minimal interest. Fortunately, he became aware that he needed to take action soon on a lease extension. Henry extended the lease just under the wire last May. Henry and the landlord who owned the flat above subsequently agreed on the final figure of £5,000 . If he not met the deadline, the amount would have become more costly by at least £1,025.
Dr U Gómez moved into a one bedroom apartment in Winscombe in August 2009. The question was if we could approximate the premium would be to prolong the lease by 90 years. Comparable premises in Winscombe with 100 year plus lease were valued about £205,000. The mid-range ground rent payable was £50 billed quarterly. The lease finished on 15 September 2104. Having 78 years remaining we estimated the premium to the freeholder to extend the lease to be within £7,600 and £8,800 plus fees.
Last month we were called by Mr and Mrs. U Laurent , who owned a one bedroom flat in Winscombe in August 1999. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable flats in Winscombe with an extended lease were worth £267,600. The mid-range ground rent payable was £65 billed quarterly. The lease expiry date was in 2093. Given that there were 67 years outstanding we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of costs.