Wiveliscombe leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Wiveliscombe will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and formalities to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Wiveliscombe with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
Lease extensions in Wiveliscombe can be a difficult process. We recommend you obtain professional help from a lawyer 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 a wealth of experience 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.
Off the back of unsuccessful negotiations with the freeholder of her leasehold apartment in Wiveliscombe, Hannah commenced the lease extension process as the eighty year deadline was quickly advancing. The lease extension completed in September 2007. The freeholder’s charges were kept to an absolute minimum.
In 2010 we were phoned by Mr Alfie Ricardo who, having owned a garden apartment in Wiveliscombe in October 2001. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Identical residencies in Wiveliscombe with an extended lease were worth £232,800. The average ground rent payable was £45 collected yearly. The lease elapsed in 2091. Taking into account 65 years unexpired we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including fees.
Mr Edward Ricardo completed a basement flat in Wiveliscombe in September 1997. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparative properties in Wiveliscombe with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded on 22 November 2102. Considering the 76 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.