Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , usually 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 flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Winton have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please give due deliberation before delaying your Winton lease extension. Putting off that expense now likely increases the price you will eventually have to pay for a lease extension
Leasehold premises in Winton with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Winton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Winton valuers.
Two years ago Lewis, started to get near to the 80-year threshold with the lease on his ground floor apartment in Winton. Having bought his property two decades ago, the unexpired term was of no concern. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Lewis was able to extend his lease just in the nick of time last July. Lewis and the freeholder via the managing agents in the end settled on the final figure of £5,500 . If he had missed the deadline, the premium would have increased by a minimum £950.
Mr M Leroy moved into a garden apartment in Winton in January 2011. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparative properties in Winton with an extended lease were worth £193,400. The mid-range ground rent payable was £65 billed monthly. The lease expiry date was on 25 October 2085. Having 59 years unexpired we calculated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of legals.
Mr and Mrs. J Martinez was assigned a lease of a one bedroom flat in Winton in February 1999. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable homes in Winton with an extended lease were valued around £255,000. The mid-range ground rent payable was £50 invoiced annually. The lease came to a finish in 2096. Given that there were 70 years remaining we approximated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 exclusive of legals.