For those whose Woodingdean home is held on a long lease, our message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension.
Leasehold premises in Woodingdean with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Woodingdean can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.
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 Woodingdean lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the freeholder of her first floor apartment in Woodingdean, Kate started the lease extension process as the eighty year threshold was swiftly nearing. The transaction was concluded in January 2008. The freeholder’s fees were kept to an absolute minimum.
Mrs J Roberts completed a one bedroom apartment in Woodingdean in April 1997. We are asked if we could estimate the price could be for a 90 year lease extension. Similar homes in Woodingdean with an extended lease were valued about £285,000. The average ground rent payable was £45 collected yearly. The lease concluded in 2097. Given that there were 71 years left we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including costs.
Dr Nathaniel Vincent owned a ground floor flat in Woodingdean in February 2007. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Woodingdean with an extended lease were in the region of £230,800. The average ground rent payable was £60 billed quarterly. The lease finished on 7 November 2086. Having 60 years outstanding we calculated the compensation to the landlord to extend the lease to be within £24,700 and £28,600 plus expenses.