Woolacombe leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the existing lease drops below 80 years - otherwise a higher premium will be payable. Leasehold owners in Woolacombe will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In certain situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Woolacombe with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Santander | |
| The Mortgage Works | |
| Virgin |
Irrespective of whether you are a tenant or a freeholder in Woolacombe,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Woolacombe valuers.
After lengthy discussions with the freeholder of her two bedroom flat in Woolacombe, Sophia started the lease extension process as the 80 year deadline was fast coming. The legal work was concluded in May 2008. The freeholder’s costs were kept to an absolute minimum.
Last November we were contacted by Mr George Martin , who completed a first floor flat in Woolacombe in November 2012. The question was if we could estimate the price would likely be to prolong the lease by 90 years. Comparable homes in Woolacombe with 100 year plus lease were in the region of £275,000. The average ground rent payable was £65 billed every twelve months. The lease came to a finish in 2094. Taking into account 68 years left we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.
Ms T Carter took over the lease of a ground floor flat in Woolacombe in May 2000. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical properties in Woolacombe with an extended lease were in the region of £208,600. The average ground rent payable was £60 collected every twelve months. The lease ended in 2083. Considering the 57 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including costs.