The only way is down when it comes to Wroxham lease terms. Wroxham flats that have a lease term shorter than 80 years will drop in value at a rapid rate, and the cost to extend your lease will rise.
Leasehold residencies in Wroxham with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Wroxham,the lease extension experts that we work with will always be happy 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.
Last Spring Nathaniel, came critically near to the eighty-year threshold with the lease on his two bedroom apartment in Wroxham. In buying his flat two decades ago, the length of the lease was of little bearing. Fortunately, he noticed he needed to take steps soon on Extending the lease. Nathaniel arranged for a lease extension at the eleventh hour in March. Nathaniel and the landlord who owned the flat above in the end settled on sum of £5,000 . If the lease had descended to less than 80 years, the figure would have gone up by at least £900.
In 2011 we were phoned by Mr I Clark who, having took over the lease of a first floor apartment in Wroxham in June 1998. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Wroxham with an extended lease were valued about £227,800. The average ground rent payable was £45 billed monthly. The lease end date was on 21 May 2090. Given that there were 65 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus fees.
In 2013 we were contacted by Mrs I Thompson who, having owned a ground floor apartment in Wroxham in January 2009. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative premises in Wroxham with a long lease were worth £270,000. The average ground rent payable was £55 invoiced yearly. The lease expiry date was in 2100. Having 75 years unexpired we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.