Wolverton leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Wolverton will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some cases you may not qualify. There are also strict timetables and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
Leasehold properties in Wolverton with in excess of one hundred years unexpired 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 situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Yorkshire Building Society |
Lease extensions in Wolverton can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Wolverton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Thomas, came dangerously near to the eighty-year threshold with the lease on his one bedroom flat in Wolverton. In buying his flat twenty years previously, the length of the lease was of minimal importance. Fortunately, he became aware that he would imminently be paying an escalated premium for a lease extension. Thomas arranged for a lease extension just under the wire last June. Thomas and the landlord eventually settled on an amount of £5,000 . If the lease had slipped below eighty years, the premium would have escalated by at least £1,050.
Mr Kai Hill completed a ground floor apartment in Wolverton in September 2000. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Identical flats in Wolverton with 100 year plus lease were in the region of £203,200. The mid-range ground rent payable was £65 invoiced monthly. The lease came to a finish in 2087. Taking into account 61 years unexpired we estimated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus legals.
Mr S Petit acquired a basement flat in Wolverton in September 2012. The question was if we could estimate the price would likely be to extend the lease by an additional years. Identical residencies in Wolverton with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 billed per annum. The lease concluded in 2098. Considering the 72 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.