Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Wycombe Marsh. Inevitably, the term of lease remaining shortens as time goes by. This is often overlooked and only raises itself as an issue when the flat or house has to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Eligible leaseholders in Wycombe Marsh have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Do give careful attention before putting off your Wycombe Marsh lease extension. Holding off that expense now likely increases the price you will ultimately have to pay to extend your lease
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Wycombe Marsh can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 a wealth of experience procuring 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.
Isaac owned a conversion flat in Wycombe Marsh on the market with a lease of a little over fifty eight years outstanding. Isaac informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Isaac to invoke his statutory right. Isaac procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.
Mr and Mrs. B Lee owned a garden flat in Wycombe Marsh in April 2008. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Identical flats in Wycombe Marsh with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 collected yearly. The lease ended in 2103. Taking into account 77 years outstanding we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.
In 2010 we were phoned by Mr and Mrs. V Roux who, having owned a one bedroom flat in Wycombe Marsh in May 1999. The dilemma was if we could approximate the price would likely be to prolong the lease by 90 years. Comparable premises in Wycombe Marsh with 100 year plus lease were valued about £183,600. The mid-range amount of ground rent was £65 invoiced per annum. The lease lapsed on 21 May 2083. Having 57 years left we estimated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including legals.