Unfortunately that a Winterton residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Winterton property market.Where your lease has approximately ninety years left, you need to start thinking about 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 slips under 80 years - otherwise a higher premium will be due. Most flat owners in Winterton will be able to extend under the legislation; however a lawyer should be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer for the duration of the process.
Leasehold premises in Winterton with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Winterton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 a wealth of experience procuring Winterton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted discussions with the landlord of her basement flat in Winterton, Anna started the lease extension process as the 80 year mark was quickly approaching. The transaction was concluded in October 2013. The landlord’s fees were restricted to less than 700 GBP.
Mr and Mrs. I Vincent bought a first floor flat in Winterton in April 2009. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Winterton with a long lease were worth £220,400. The average ground rent payable was £45 collected quarterly. The lease came to a finish in 2089. Given that there were 64 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 plus professional charges.
Last March we were contacted by Dr T Bertrand , who purchased a ground floor apartment in Winterton in March 2003. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical properties in Winterton with an extended lease were worth £270,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease expired in 2100. Taking into account 75 years remaining we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.