Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Winton. Clearly, the period of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Winton have the legal entitlement to extend the lease for a further 90 years under statute. Do give careful attention before delaying your Winton lease extension. Putting off that expense now only increases the price you will ultimately have to pay for a lease extension
Leasehold premises in Winton with over 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 premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service will provide you enhanced control over the value of your Winton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Adam, started to get close to the 80-year threshold with the lease on his first floor flat in Winton. In buying his home two decades ago, the unexpired term was of minimal importance. by good luck, he noticed he would soon be paying an inflated amount for Extending the lease. Adam was able to extend his lease just under the wire last June. Adam and the landlord eventually settled on an amount of £5,500 . If the lease had dropped below 80 years, the amount would have gone up by at least £1,025.
In 2013 we were contacted by Mrs Chelsea Clarke who, having acquired a one bedroom flat in Winton in April 2004. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparable residencies in Winton with an extended lease were worth £183,600. The mid-range amount of ground rent was £65 invoiced annually. The lease elapsed on 6 June 2082. Considering the 57 years left we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus professional charges.
In 2012 we were approached by Mrs Ashleigh Wright who, having owned a purpose-built apartment in Winton in May 2007. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in Winton with a long lease were worth £250,000. The mid-range ground rent payable was £50 invoiced yearly. The lease lapsed in 2093. Given that there were 68 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.