Woodhall Spa leases on residential deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Woodhall Spa will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Woodhall Spa,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Woodhall Spa valuers.
After unsuccessful correspondence with the freeholder of her purpose-built flat in Woodhall Spa, Katie initiated the lease extension process as the 80 year threshold was fast advancing. The transaction was concluded in June 2008. The freeholder’s charges were kept to an absolute minimum.
Dr L Stewart purchased a one bedroom flat in Woodhall Spa in May 2003. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Woodhall Spa with 100 year plus lease were valued around £275,000. The average ground rent payable was £65 collected per annum. The lease expired on 17 June 2094. Given that there were 68 years unexpired we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.
Dr U Young moved into a purpose-built flat in Woodhall Spa in July 2010. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Comparable premises in Woodhall Spa with a long lease were valued about £213,600. The average ground rent payable was £60 billed annually. The lease finished in 2083. Given that there were 57 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including legals.