Wolviston leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Wolviston will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In certain cases you may not qualify. There are prescribed timetables and formalities to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Wolviston with in excess of one hundred years left on the lease are often 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 freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Santander | |
| Royal Bank of Scotland |
The conveyancers that we work with handle Wolviston lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Eliot owned a high value apartment in Wolviston on the market with a lease of a little over 59 years unexpired. Eliot informally approached his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Eliot to exercise his statutory right. Eliot procured expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2014 we were approached by Dr Sarah Roux who, having moved into a one bedroom apartment in Wolviston in November 1997. The dilemma was if we could estimate the premium would likely be to extend the lease by ninety years. Identical homes in Wolviston with 100 year plus lease were valued around £270,000. The average ground rent payable was £65 invoiced per annum. The lease lapsed in 2094. Given that there were 68 years unexpired we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus legals.
In 2011 we were phoned by Dr Max Ricardo who, having bought a newly refurbished flat in Wolviston in June 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Identical properties in Wolviston with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 invoiced annually. The lease elapsed on 4 September 2083. Having 57 years remaining we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 plus fees.