The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Wooburn Green have the legal entitlement to extend the lease for an additional ninety years under statute. Do give careful consideration before delaying your Wooburn Green lease extension. Postponing that expense today simply increases the amount you will ultimately be required to pay to extend the lease.
Leasehold residencies in Wooburn Green with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service gives you increased control over the value of your Wooburn Green leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful correspondence with the freeholder of her garden flat in Wooburn Green, Emma started the lease extension process as the eighty year deadline was fast approaching. The lease extension was finalised in March 2005. The landlord’s charges were negotiated to under 600 pounds.
Mr Archie Rose bought a studio flat in Wooburn Green in March 2006. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparative flats in Wooburn Green with an extended lease were valued about £264,000. The mid-range ground rent payable was £60 invoiced monthly. The lease lapsed in 2079. Considering the 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of legals.
Ms B Davies bought a purpose-built apartment in Wooburn Green in February 1996. The question was if we could approximate the price could be for a 90 year lease extension. Similar homes in Wooburn Green with a long lease were in the region of £220,400. The average amount of ground rent was £45 collected monthly. The lease lapsed on 20 March 2090. Given that there were 64 years left we approximated the premium to the landlord for the lease extension to be within £15,200 and £17,600 not including professional charges.