On the balance of probabilities where you own a flat in Wolvey you actually own a long leasehold interest over your property
Leasehold premises in Wolvey with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
Lease extensions in Wolvey can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in this area.
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 a wealth of experience procuring Wolvey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Lewis, came precariously close to the eighty-year mark with the lease on his leasehold apartment in Wolvey. In buying his property two decades ago, the lease term was of minimal significance. Thankfully, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Lewis extended the lease just under the wire in January. Lewis and the landlord eventually agreed on sum of £5,500 . If he failed to meet the deadline, the figure would have increased by a minimum £1,100.
Last Winter we were called by Ms A Patel , who was assigned a lease of a garden flat in Wolvey in September 2007. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Identical properties in Wolvey with an extended lease were in the region of £216,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease came to a finish in 2084. Considering the 58 years left we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 not including costs.
Last Autumn we were e-mailed by Dr Lydia Lefebvre , who acquired a ground floor flat in Wolvey in February 2002. The question was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative homes in Wolvey with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected yearly. The lease came to a finish in 2104. Taking into account 78 years outstanding we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.