It’s an underpublicised certainty that a Wiveliscombe residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Wiveliscombe property prices.Where your lease has approximately ninety years left, you need to start considering 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 dips lower than eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Wiveliscombe will be able to extend under the legislation; however a lawyer will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Wiveliscombe can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Wiveliscombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the freeholder of her one bedroom flat in Wiveliscombe, Natalie initiated the lease extension process as the 80 year threshold was quickly approaching. The lease extension was concluded in January 2009. The landlord’s costs were kept to an absolute minimum.
Dr N Stewart owned a first floor flat in Wiveliscombe in September 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in Wiveliscombe with an extended lease were in the region of £264,000. The mid-range ground rent payable was £60 billed monthly. The lease termination date was in 2079. Given that there were 53 years remaining we calculated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 not including legals.
Mr and Mrs. V Thomas owned a one bedroom apartment in Wiveliscombe in June 1999. The question was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Identical properties in Wiveliscombe with a long lease were valued about £225,400. The average amount of ground rent was £45 collected per annum. The lease terminated in 2090. Given that there were 64 years outstanding we estimated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 not including expenses.