Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Woodley. Clearly, the period of lease left shortens over time. This may pass by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying long lease owners in Woodley have the legal entitlement to extend the lease for an additional ninety years under legislation. You should give due consideration before putting off your Woodley lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease
Leasehold residencies in Woodley with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 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. |
Lease extensions in Woodley can be a difficult process. We recommend you procure guidance from a lawyer 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 a wealth of experience procuring Woodley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Sam was the the leasehold owner of a high value apartment in Woodley on the market with a lease of just over fifty eight years left. Sam informally approached his freeholder being a well known Manchester-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 subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sam to invoke his statutory right. Sam procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
In 2011 we were e-mailed by Mr and Mrs. F Roux who, having moved into a purpose-built flat in Woodley in April 2012. The question was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Similar homes in Woodley with 100 year plus lease were in the region of £225,400. The average ground rent payable was £45 invoiced per annum. The lease expired in 2090. Taking into account 64 years left we approximated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 not including costs.
Last February we were e-mailed by Mr Harvey Girard , who purchased a one bedroom flat in Woodley in August 2010. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical premises in Woodley with a long lease were valued around £270,000. The mid-range ground rent payable was £55 collected per annum. The lease ended in 2101. Having 75 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.