Wolviston leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Wolviston tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Wolviston you should see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Wolviston leaseholder with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay
Leasehold residencies in Wolviston with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 Wolviston can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 Wolviston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy negotiations with the landlord of her studio apartment in Wolviston, Naomi initiated the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction was finalised in October 2006. The landlord’s fees were kept to an absolute minimum.
Last month we were e-mailed by Mr and Mrs. M Green , who bought a one bedroom apartment in Wolviston in March 2000. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical premises in Wolviston with 100 year plus lease were valued about £290,000. The average ground rent payable was £45 collected yearly. The lease finished on 10 January 2099. Having 73 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
Last month we were contacted by Dr Alicia Bernard , who moved into a ground floor apartment in Wolviston in April 2005. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparative residencies in Wolviston with an extended lease were valued about £240,600. The average ground rent payable was £65 collected annually. The lease lapsed in 2088. Taking into account 62 years outstanding we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of fees.