With a residential leasehold property in Wolvey, you are actually buying a right to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than 80 years remaining. Anyone in Wolvey with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has less than 80 years remaining, under the relevant statute the freeholder is entitled to calculate and demand a greater premium, based on a technical computation, known as “marriage value” which is due.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Wolvey can be a difficult process. We recommend you get guidance from a conveyancer 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 in-depth market knowledge dealing with Wolvey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted discussions with the landlord of her purpose-built apartment in Wolvey, Emily started the lease extension process as the 80 year deadline was quickly advancing. The legal work was concluded in April 2014. The freeholder’s costs were kept to an absolute minimum.
Dr U Khan moved into a purpose-built flat in Wolvey in March 2007. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Identical flats in Wolvey with a long lease were valued about £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease ran out in 2086. Given that there were 61 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 plus professional charges.
Last Autumn we were e-mailed by Mr and Mrs. L King , who was assigned a lease of a studio flat in Wolvey in February 2001. The dilemma was if we could approximate the price would be for a ninety year lease extension. Comparative homes in Wolvey with a long lease were worth £171,800. The mid-range ground rent payable was £55 collected annually. The lease ended on 22 June 2075. Considering the 50 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of legals.