There is no doubt about it a leasehold flat or house in Worplesdon is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond 100 years remaining then this decrease may be of little impact however there will become a stage when a lease has under than 80 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 primary rational as to why you should consider extending sooner rather than later. Many flat owners in Worplesdon will meet the qualifying criteria; however a lawyer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold properties in Worplesdon with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin |
The conveyancers that we work with procure Worplesdon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Luca owned a conversion apartment in Worplesdon on the market with a lease of a few days over fifty eight years left. Luca informally approached his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Luca to exercise his statutory right. Luca obtained expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.
Last Summer we were approach by Ms Nicole King , who purchased a recently refurbished flat in Worplesdon in August 2000. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Identical residencies in Worplesdon with 100 year plus lease were in the region of £242,600. The mid-range ground rent payable was £45 billed annually. The lease expired on 7 January 2093. Given that there were 67 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of costs.
Dr Yasmin Nelson acquired a basement apartment in Worplesdon in June 2008. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar homes in Worplesdon with a long lease were valued about £280,000. The mid-range ground rent payable was £55 collected every twelve months. The lease elapsed on 25 April 2104. Given that there were 78 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus costs.