On the balance of probabilities if you own a flat in Wiveliscombe you actually own a long leasehold interest over your property
Leasehold residencies in Wiveliscombe with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you better control over the value of your Wiveliscombe leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted discussions with the landlord of her ground floor apartment in Wiveliscombe, Alexandra initiated the lease extension process just as the lease was nearing the all-important eighty-year threshold. The lease extension was finalised in January 2015. The landlord’s costs were kept to an absolute minimum.
Last Christmas we were approach by Mr and Mrs. H López , who acquired a basement apartment in Wiveliscombe in January 1995. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparable homes in Wiveliscombe with 100 year plus lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced per annum. The lease end date was in 2086. Taking into account 60 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 plus fees.
Dr H Hill acquired a purpose-built flat in Wiveliscombe in September 2003. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Comparative residencies in Wiveliscombe with 100 year plus lease were in the region of £260,000. The average amount of ground rent was £50 billed every twelve months. The lease concluded in 2097. Having 71 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.