Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Wraysbury. Inevitably, the length of lease remaining reduces over time. This is often ignored and only raises itself as an issue when the property needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Wraysbury have the legal entitlement to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give careful attention before delaying your Wraysbury lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease
It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent 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 |
|---|---|
| Accord Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
The lawyers that we work with procure Wraysbury 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 lawyer we work with provide it.
Jonathan was the the leasehold owner of a studio apartment in Wraysbury being sold with a lease of a few days over sixty years left. Jonathan informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be due on a lease extension were Jonathan to exercise his statutory right. Jonathan obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
In 2013 we were e-mailed by Dr S Lewis who, having bought a ground floor apartment in Wraysbury in January 1998. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Comparable homes in Wraysbury with a long lease were valued around £245,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease ended on 11 January 2094. Taking into account 68 years as a residual term we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.
Last Summer we were e-mailed by Mr and Mrs. Y Díaz , who purchased a ground floor flat in Wraysbury in April 2004. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Similar homes in Wraysbury with a long lease were in the region of £280,000. The average amount of ground rent was £55 collected every twelve months. The lease came to a finish on 22 June 2105. Considering the 79 years outstanding we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.