It’s an underpublicised certainty that a Witney residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Witney property market.Where your lease has approximately 90 years left, you should 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 below eighty years - otherwise a higher amount will be due. The majority of flat owners in Witney will be able to extend under the legislation; however a lawyer will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
Leasehold residencies in Witney with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Witney,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 Witney valuers.
Blake owned a high value apartment in Witney being sold with a lease of a little over 61 years remaining. Blake on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be due on a lease extension were Blake to invoke his statutory right. Blake obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the flat.
Mrs Elizabeth Thomas moved into a basement apartment in Witney in March 2012. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative residencies in Witney with an extended lease were valued around £218,400. The mid-range amount of ground rent was £60 billed per annum. The lease finished in 2085. Considering the 59 years remaining we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 plus fees.
Last Autumn we were phoned by Mr I Adams , who took over the lease of a purpose-built apartment in Witney in September 1996. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparable residencies in Witney with an extended lease were in the region of £205,000. The average ground rent payable was £50 invoiced quarterly. The lease terminated on 4 September 2105. Having 79 years outstanding we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.