Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Wokingham. Inevitably, the term of lease remaining shortens over time. This may pass by relatively unnoticed when the residence has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in Wokingham have the right to extend the lease for a further 90 years in accordance with statute. Please give careful deliberation before delaying your Wokingham lease extension. Holding off the cost now only increases the price you will eventually have to pay for a lease extension
Leasehold properties in Wokingham with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| TSB |
Regardless of whether you are a tenant or a freeholder in Wokingham,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wokingham valuers.
After protracted discussions with the freeholder of her purpose-built flat in Wokingham, Naomi started the lease extension process as the 80 year mark was quickly coming. The legal work was concluded in September 2006. The freeholder’s costs were negotiated to about 550 GBP.
Dr Y Ali moved into a basement apartment in Wokingham in May 2009. The question was if we could estimate the price could be to extend the lease by a further 90 years. Comparative homes in Wokingham with an extended lease were worth £205,000. The mid-range ground rent payable was £50 invoiced monthly. The lease elapsed in 2105. Having 79 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including legals.
In 2011 we were called by Mr Oliver González who, having took over the lease of a one bedroom flat in Wokingham in September 2011. The question was if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative premises in Wokingham with 100 year plus lease were worth £275,000. The average ground rent payable was £65 billed quarterly. The lease expired in 2094. Having 68 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.