The closer a domestic lease in Wootton Bassett gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 99 years remaining then this decrease may be fractional however there will become a point in time when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease sooner rather than later. Many flat owners in Wootton Bassett will qualify for this right; nevertheless a conveyancing solicitor will be able to advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Wootton Bassett,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wootton Bassett valuers.
Alexander was the the leasehold proprietor of a high value flat in Wootton Bassett on the market with a lease of just over 72 years outstanding. Alexander on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
In 2014 we were called by Mr and Mrs. W Bell who, having acquired a newly refurbished apartment in Wootton Bassett in September 1996. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical premises in Wootton Bassett with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease ended on 2 April 2096. Having 70 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus legals.
Last Christmas we were phoned by Dr Jake Patel , who moved into a purpose-built apartment in Wootton Bassett in May 2010. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Comparable residencies in Wootton Bassett with an extended lease were worth £223,400. The average ground rent payable was £60 invoiced monthly. The lease lapsed on 15 June 2085. Having 59 years outstanding we estimated the premium to the landlord for the lease extension to be between £27,600 and £31,800 plus expenses.