The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Wombourne may extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Wombourne lease extension. Postponing that expense today simply increases the amount you will ultimately have to pay for a lease extension.
Leasehold residencies in Wombourne with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Wombourne,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wombourne valuers.
Following unsuccessful correspondence with the freeholder of her ground floor apartment in Wombourne, Jennifer initiated the lease extension process as the 80 year deadline was swiftly nearing. The lease extension was concluded in June 2014. The freeholder’s costs were restricted to approximately 700 pounds.
Mr and Mrs. C Lewis owned a ground floor apartment in Wombourne in May 2008. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Comparative residencies in Wombourne with 100 year plus lease were worth £264,000. The average amount of ground rent was £60 collected every twelve months. The lease ran out on 24 September 2079. Having 53 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including costs.
In 2011 we were contacted by Mr and Mrs. N Michel who, having owned a ground floor apartment in Wombourne in February 2000. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Identical homes in Wombourne with a long lease were worth £220,400. The mid-range amount of ground rent was £45 billed monthly. The lease elapsed on 7 October 2090. Having 64 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 not including legals.