Wolsingham leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Wolsingham will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not be entitled. There are prescribed timetables and steps to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold properties in Wolsingham with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Wolsingham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wolsingham valuers.
Trailing protracted discussions with the landlord of her one bedroom apartment in Wolsingham, Hollie commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The legal work was finalised in October 2007. The landlord’s costs were kept to an absolute minimum.
Last Christmas we were phoned by Mr I Taylor , who took over the lease of a studio flat in Wolsingham in October 2007. The dilemma was if we could estimate the price could be to prolong the lease by a further 90 years. Comparative properties in Wolsingham with 100 year plus lease were valued about £270,000. The mid-range ground rent payable was £55 collected every twelve months. The lease terminated on 27 January 2101. Considering the 75 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.
Ms F Bennett owned a one bedroom flat in Wolsingham in September 2006. The question was if we could estimate the price would be to prolong the lease by 90 years. Identical residencies in Wolsingham with an extended lease were in the region of £173,800. The mid-range amount of ground rent was £60 collected per annum. The lease expiry date was on 26 March 2081. Taking into account 55 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.