Wiveliscombe leases on residential properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Wiveliscombe will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process has started so it’s best to be guided by a lawyer during the process.
Leasehold properties in Wiveliscombe with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant 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. |
| 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. |
| Yorkshire 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. |
Lease extensions in Wiveliscombe can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.
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 in-depth market knowledge procuring Wiveliscombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months George, started to get close to the 80-year threshold with the lease on his first floor apartment in Wiveliscombe. Having purchased his property two decades ago, the unexpired term was of minimal interest. As luck would have it, he became aware that he would soon be paying way over the odds for Extending the lease. George extended the lease at the eleventh hour in August. George and the landlord ultimately agreed on the final figure of £6,000 . If the lease had fallen below eighty years, the figure would have become more costly by at least £1,050.
Dr Rory Garcia moved into a newly refurbished apartment in Wiveliscombe in June 1996. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Similar residencies in Wiveliscombe with 100 year plus lease were in the region of £254,200. The average ground rent payable was £60 billed quarterly. The lease ended in 2076. Taking into account 51 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 plus legals.
Last year we were phoned by Mr Sam Richardson , who was assigned a lease of a ground floor apartment in Wiveliscombe in November 2007. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparable premises in Wiveliscombe with an extended lease were valued about £215,600. The mid-range amount of ground rent was £45 billed quarterly. The lease ended on 19 April 2087. Considering the 62 years remaining we estimated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of fees.