Wooburn Green leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Wooburn Green will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not qualify. There are also strict timetables and formalities to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in Wooburn Green with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying 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. |
| Coventry Building Society | 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Wooburn Green can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Wooburn Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Matthew, started to get close to the eighty-year threshold with the lease on his one bedroom flat in Wooburn Green. Having bought his flat two decades ago, the lease term was of minimal concern. Luckily, he realised he needed to take action soon on a lease extension. Matthew was able to extend his lease just under the wire last September. Matthew and the freeholder ultimately agreed on sum of £5,500 . If he failed to meet the deadline, the price would have gone up by at least £1,025.
Last year we were called by Dr Kyle Allen , who moved into a ground floor flat in Wooburn Green in September 2006. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Identical properties in Wooburn Green with 100 year plus lease were valued about £265,000. The average amount of ground rent was £50 invoiced yearly. The lease terminated in 2099. Considering the 74 years remaining we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.
In 2012 we were called by Mr and Mrs. L Clarke who, having moved into a first floor apartment in Wooburn Green in October 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Wooburn Green with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 billed yearly. The lease elapsed on 12 November 2079. Taking into account 54 years unexpired we estimated the premium to the landlord to extend the lease to be within £32,300 and £37,400 plus legals.