There is no doubt about it a leasehold flat or house in Wroughton is a wasting asset as a result of the shortening lease. Where the lease has, beyond 99 years remaining then this decrease may be negligible however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Wroughton will qualify for this right; however a conveyancer should be able to confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Wroughton with over 100 years left 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 to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
Using our service will provide you better control over the value of your Wroughton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of unsuccessful negotiations with the freeholder of her garden apartment in Wroughton, Sian commenced the lease extension process just as her lease was coming close to the crucial eighty-year mark. The lease extension was concluded in October 2012. The landlord’s charges were negotiated to approximately 500 GBP.
Mr Harrison Martínez completed a basement flat in Wroughton in August 1999. The dilemma was if we could estimate the price would be for a ninety year lease extension. Identical residencies in Wroughton with a long lease were valued around £227,800. The average ground rent payable was £45 invoiced every twelve months. The lease came to a finish on 8 August 2090. Given that there were 65 years outstanding we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including fees.
In 2009 we were phoned by Dr Katie Lambert who, having completed a basement flat in Wroughton in September 2003. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparative homes in Wroughton with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £55 collected every twelve months. The lease expiry date was in 2101. Given that there were 76 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.