Wootton Bridge leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Wootton Bridge will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland |
Retaining our service will provide you better control over the value of your Wootton Bridge leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Finn was the the leasehold proprietor of a conversion apartment in Wootton Bridge on the market with a lease of fraction over 61 years unexpired. Finn on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Finn to exercise his statutory right. Finn procured expert legal guidance and secured an acceptable resolution informally and sell the property.
Dr T Vincent was assigned a lease of a one bedroom apartment in Wootton Bridge in January 1998. The question was if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Identical premises in Wootton Bridge with 100 year plus lease were worth £246,800. The average amount of ground rent was £60 collected annually. The lease elapsed in 2076. Given that there were 50 years left we calculated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 not including legals.
In 2011 we were called by Dr M Moreau who, having owned a one bedroom flat in Wootton Bridge in August 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Similar flats in Wootton Bridge with 100 year plus lease were worth £208,200. The average ground rent payable was £65 billed annually. The lease expired on 5 June 2087. Taking into account 61 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 exclusive of expenses.