Chances are that where you own a flat in Wycombe Marsh you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Wycombe Marsh can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.
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.
In recent months Samuel, started to get close to the 80-year mark with the lease on his basement flat in Wycombe Marsh. Having purchased his property two decades ago, the unexpired term was of minimal concern. by good luck, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Samuel arranged for a lease extension at the eleventh hour last May. Samuel and the landlord in the end agreed on a premium of £5,500 . If he had missed the deadline, the figure would have increased by a minimum £925.
Mr and Mrs. U Gómez completed a newly refurbished flat in Wycombe Marsh in August 2001. The question was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparable properties in Wycombe Marsh with 100 year plus lease were valued about £254,200. The mid-range ground rent payable was £60 billed per annum. The lease came to a finish in 2077. Taking into account 51 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 exclusive of fees.
In 2013 we were contacted by Ms Kirsty Allen who, having took over the lease of a one bedroom apartment in Wycombe Marsh in July 2011. The question was if we could approximate the price would be to extend the lease by ninety years. Identical flats in Wycombe Marsh with an extended lease were valued about £210,600. The average ground rent payable was £45 collected per annum. The lease lapsed in 2088. Considering the 62 years remaining we approximated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 plus legals.