Wolsingham leases on residential deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. If lease term falls under eighty years, you will then have 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 extra value that a lease extension will add to the property. Leasehold owners in Wolsingham will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In some circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Wolsingham with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify 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. |
| 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. |
| Halifax | 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 |
| 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. |
Engaging our service will provide you enhanced control over the value of your Wolsingham leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Logan, started to get near to the 80-year mark with the lease on his garden apartment in Wolsingham. Having bought his property two decades ago, the length of the lease was of little bearing. Luckily, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Logan extended the lease just under the wire last June. Logan and the landlord who owned the flat above in the end agreed on the final figure of £6,000 . If the lease had dropped to less than eighty years, the premium would have escalated by a minimum £900.
Last Summer we were e-mailed by Dr D Ricardo , who purchased a one bedroom apartment in Wolsingham in March 2000. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable homes in Wolsingham with a long lease were worth £235,200. The mid-range amount of ground rent was £45 billed quarterly. The lease lapsed on 22 August 2091. Considering the 66 years outstanding we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.
Dr Samuel Gómez owned a one bedroom apartment in Wolsingham in April 2010. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar premises in Wolsingham with a long lease were in the region of £280,000. The average amount of ground rent was £55 billed per annum. The lease concluded on 10 October 2102. Given that there were 77 years remaining we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.