When it comes to residential leasehold premises in Winscombe, you are actually purchasing an entitlement to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than eighty years left. Residents in Winscombe with a lease nearing 81 years unexpired should seriously think of extending it without delay. When the lease term has less than 80 years left, under the current Act the landlord is entitled to calculate and demand a greater premium, based on a technical calculation, strangely termed as “marriage value” which is due.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin |
Using our service gives you increased control over the value of your Winscombe leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Samuel owned a 2 bedroom flat in Winscombe being marketed with a lease of a little over 72 years unexpired. Samuel informally contacted his freeholder being a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Samuel to exercise his statutory right. Samuel obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2013 we were phoned by Dr Lewis Lambert who, having acquired a studio apartment in Winscombe in July 1997. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Comparable properties in Winscombe with a long lease were worth £223,400. The mid-range amount of ground rent was £60 collected per annum. The lease concluded on 19 June 2085. Taking into account 59 years left we estimated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of fees.
In 2009 we were e-mailed by Dr D Rivera who, having took over the lease of a purpose-built flat in Winscombe in July 1997. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Winscombe with a long lease were worth £210,000. The mid-range amount of ground rent was £50 collected per annum. The lease terminated on 5 May 2105. Given that there were 79 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus professional charges.