Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Woore. Clearly, the term of lease left reduces over time. This may slip by relatively unnoticed when the property needs to be sold 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. Eligible long lease owners in Woore have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give due deliberation before putting off your Woore lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease
Leasehold residencies in Woore with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Woore,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Woore valuers.
Muhammad owned a conversion flat in Woore being marketed with a lease of a little over fifty eight years remaining. Muhammad on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Muhammad to exercise his statutory right. Muhammad procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.
In 2009 we were contacted by Dr T Edwards who, having bought a recently refurbished flat in Woore in April 1997. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Similar premises in Woore with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £55 billed per annum. The lease lapsed in 2104. Taking into account 78 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.
Last Christmas we were approach by Mr and Mrs. B Williams , who purchased a purpose-built flat in Woore in May 1997. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative flats in Woore with 100 year plus lease were valued around £191,000. The mid-range amount of ground rent was £65 collected per annum. The lease concluded on 24 July 2084. Considering the 58 years remaining we calculated the premium to the landlord to extend the lease to be within £23,800 and £27,400 not including legals.