The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Woodhall Spa can extend the lease for a further ninety years under Leasehold Reform legislation. Do give careful consideration before delaying your Woodhall Spa lease extension. Putting off the costs now simply escalates the premium you will ultimately have to pay to extend the lease.
Leasehold premises in Woodhall Spa with over 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 property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
Retaining our service will provide you better control over the value of your Woodhall Spa leasehold, as your property will be more valuable and marketable in relation to the 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.
Omar was the the leasehold proprietor of a studio flat in Woodhall Spa on the market with a lease of fraction over 72 years left. Omar informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Omar to exercise his statutory right. Omar procured expert advice and secured satisfactory deal informally and sell the flat.
Last Summer we were called by Dr Lydia Walker , who acquired a first floor apartment in Woodhall Spa in October 2000. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Comparative flats in Woodhall Spa with 100 year plus lease were valued about £210,000. The average amount of ground rent was £50 collected yearly. The lease expired on 27 May 2106. Having 80 years left we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.
Last Autumn we were e-mailed by Ms E Brown , who completed a first floor flat in Woodhall Spa in August 2008. The question was if we could approximate the price could be to extend the lease by an additional years. Similar premises in Woodhall Spa with 100 year plus lease were valued about £280,000. The average ground rent payable was £45 collected every twelve months. The lease came to a finish in 2095. Taking into account 69 years unexpired we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.