Wroxham leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease falls lower than 80 years - otherwise a higher amount will be payable. Leasehold owners in Wroxham will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some situations you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s wise to be guided by a lawyer during the process.
Leasehold properties in Wroxham with in excess of 100 years outstanding 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 home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Wroxham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wroxham valuers.
After protracted negotiations with the landlord of her leasehold apartment in Wroxham, Ella initiated the lease extension process just as her lease was coming close to the critical eighty-year mark. The transaction was finalised in November 2015. The landlord’s fees were kept to an absolute minimum.
In 2013 we were e-mailed by Dr J Garcia who, having was assigned a lease of a ground floor apartment in Wroxham in April 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Wroxham with a long lease were valued about £264,000. The mid-range ground rent payable was £60 billed annually. The lease expired in 2078. Taking into account 53 years outstanding we approximated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 not including costs.
Last Spring we were approach by Mr E Jones , who owned a garden apartment in Wroxham in May 2011. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Comparative flats in Wroxham with an extended lease were worth £218,000. The average amount of ground rent was £45 billed monthly. The lease termination date was on 13 February 2088. Having 63 years outstanding we calculated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 exclusive of costs.