With a long leasehold premises in Wycombe Marsh, you are actually purchasing a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than 80 years remaining. Residents in Wycombe Marsh with a lease approaching 81 years left should seriously consider extending it without delay. Once a lease has under eighty years left, under the relevant legislation the landlord is entitled to calculate and charge a greater premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Lloyds TSB Scotland | 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. |
Lease extensions in Wycombe Marsh can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Wycombe Marsh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harry was the the leasehold proprietor of a studio apartment in Wycombe Marsh being marketed with a lease of a few days over fifty eight years remaining. Harry on an informal basis approached his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Mrs C André acquired a purpose-built flat in Wycombe Marsh in January 1998. The dilemma was if we could approximate the premium would be to extend the lease by a further 90 years. Similar premises in Wycombe Marsh with 100 year plus lease were valued around £218,000. The mid-range ground rent payable was £45 collected monthly. The lease ran out on 9 March 2089. Considering the 63 years as a residual term we approximated the premium to the landlord for the lease extension to be between £17,100 and £19,800 plus fees.
Mr and Mrs. W Moreau owned a garden flat in Wycombe Marsh in April 2008. The question was if we could approximate the premium would be to extend the lease by 90 years. Identical properties in Wycombe Marsh with an extended lease were worth £265,000. The mid-range amount of ground rent was £50 collected per annum. The lease terminated in 2100. Considering the 74 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.