Winsford leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Winsford residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Winsford you really ought to investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| National Westminster Bank | |
| Virgin | |
| Yorkshire Building Society |
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 dealing with Winsford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kai was the the leasehold proprietor of a high value apartment in Winsford on the market with a lease of just over fifty eight years outstanding. Kai informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Kai to exercise his statutory right. Kai procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
In 2009 we were contacted by Mrs F Wilson who, having completed a garden apartment in Winsford in July 2006. We are asked if we could approximate the price would be for a ninety year lease extension. Identical residencies in Winsford with 100 year plus lease were worth £250,000. The mid-range ground rent payable was £50 collected per annum. The lease ran out in 2095. Having 69 years remaining we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.
Mr Y Jones moved into a basement apartment in Winsford in January 1996. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical premises in Winsford with 100 year plus lease were worth £285,000. The average ground rent payable was £55 invoiced monthly. The lease ended in 2106. Considering the 80 years left we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.