Chances are that if you own a flat in Wootton Bassett you actually own a long leasehold interest over your property
Leasehold properties in Wootton Bassett with over one hundred years outstanding 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Halifax | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Wootton Bassett can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in this area.
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 dealing with Wootton Bassett lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn Elijah, started to get near to the eighty-year mark with the lease on his two bedroom flat in Wootton Bassett. Having purchased his home twenty years previously, the lease term was of minimal interest. Thankfully, it dawned on him that he would soon be paying an escalated premium for a lease extension. Elijah extended the lease at the eleventh hour last July. Elijah and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If he not met the deadline, the sum would have gone up by a minimum £975.
Last Spring we were e-mailed by Mr N Dupont , who acquired a one bedroom flat in Wootton Bassett in October 2010. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Identical residencies in Wootton Bassett with 100 year plus lease were in the region of £174,200. The average amount of ground rent was £55 collected per annum. The lease ran out in 2077. Having 51 years as a residual term we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 plus costs.
Dr K Rivera took over the lease of a ground floor apartment in Wootton Bassett in January 2008. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Comparative premises in Wootton Bassett with 100 year plus lease were valued about £285,000. The mid-range amount of ground rent was £45 collected per annum. The lease elapsed on 16 October 2097. Taking into account 71 years unexpired we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.