It’s an underpublicised truth that a Winsford residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Winsford property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher premium will be payable. The majority of flat owners in Winsford will be able to extend under the legislation; however a lawyer will be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.
It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Halifax | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Winsford can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Winsford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Sebastian, came seriously near to the 80-year threshold with the lease on his leasehold apartment in Winsford. In buying his flat twenty years ago, the unexpired term was of no concern. Luckily, he became aware that he would imminently be paying an inflated amount for Extending the lease. Sebastian extended the lease just in the nick of time last June. Sebastian and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If he failed to meet the deadline, the premium would have become more costly by a minimum £1,000.
Last year we were contacted by Mr and Mrs. L Bailey , who owned a purpose-built flat in Winsford in May 2007. The question was if we could estimate the price could be for a 90 year lease extension. Comparable properties in Winsford with a long lease were worth £260,000. The average ground rent payable was £50 collected per annum. The lease finished on 24 October 2099. Having 73 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.
In 2013 we were e-mailed by Mr F Carter who, having was assigned a lease of a garden apartment in Winsford in October 2001. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Winsford with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 billed yearly. The lease lapsed on 16 July 2079. Taking into account 53 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 plus fees.