Wolsingham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Wolsingham tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Wolsingham you would be well advised to investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Wolsingham flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Wolsingham,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wolsingham valuers.
Trailing lengthy discussions with the landlord of her first floor flat in Wolsingham, Alice commenced the lease extension process just as the lease was approaching the all-important eighty-year mark. The transaction was concluded in July 2015. The landlord’s charges were kept to an absolute minimum.
Mr and Mrs. O Nguyen owned a recently refurbished apartment in Wolsingham in October 2004. We are asked if we could estimate the price could be for a ninety year lease extension. Comparative premises in Wolsingham with 100 year plus lease were worth £166,400. The mid-range amount of ground rent was £60 billed yearly. The lease terminated on 11 November 2079. Considering the 54 years outstanding we calculated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 not including expenses.
Last March we were phoned by Dr Theo Allen , who moved into a one bedroom flat in Wolsingham in August 2012. The question was if we could estimate the premium could be for a 90 year lease extension. Similar premises in Wolsingham with a long lease were valued around £227,800. The mid-range ground rent payable was £45 billed annually. The lease came to a finish in 2090. Considering the 65 years unexpired we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.