As the the remaining lease term of a Wootton Bassett residential lease diminished so does its value and therefore the value of your property. If the lease has, in excess of 100 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner rather than later. Most flat owners in Wootton Bassett will meet the qualifying criteria; nevertheless a lawyer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Wootton Bassett with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Wootton Bassett can be a difficult process. We recommend you obtain professional help from a conveyancer 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 in-depth market knowledge 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.
Kian was the the leasehold proprietor of a 2 bedroom flat in Wootton Bassett on the market with a lease of just over 59 years unexpired. Kian informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Kian to exercise his statutory right. Kian obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
Mr and Mrs. G Howard purchased a newly refurbished flat in Wootton Bassett in May 2007. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Wootton Bassett with an extended lease were in the region of £216,000. The mid-range ground rent payable was £60 collected yearly. The lease end date was on 5 May 2084. Having 58 years remaining we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.
In 2014 we were phoned by Dr Sophia García who, having owned a one bedroom flat in Wootton Bassett in June 2012. The question was if we could approximate the premium could be for a ninety year lease extension. Comparative homes in Wootton Bassett with a long lease were valued around £200,000. The mid-range ground rent payable was £50 collected per annum. The lease elapsed in 2104. Taking into account 78 years left we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.