Wycombe Marsh leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease dips lower than eighty years - otherwise a higher premium will be payable. Flat owners in Wycombe Marsh will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are also strict timetables and formalities to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Wycombe Marsh with over 100 years unexpired 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Retaining our service gives you enhanced control over the value of your Wycombe Marsh leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful negotiations with the landlord of her purpose-built flat in Wycombe Marsh, Jordan started the lease extension process as the eighty year threshold was swiftly advancing. The transaction was finalised in June 2015. The landlord’s charges were restricted to approximately 550 GBP.
Mrs Anna Jones moved into a purpose-built apartment in Wycombe Marsh in April 2011. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable residencies in Wycombe Marsh with an extended lease were valued around £260,000. The average ground rent payable was £50 billed every twelve months. The lease concluded in 2097. Taking into account 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.
In 2014 we were called by Mr V Harris who, having acquired a ground floor flat in Wycombe Marsh in July 2008. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Comparative premises in Wycombe Marsh with an extended lease were valued about £256,600. The average ground rent payable was £60 invoiced annually. The lease concluded in 2077. Considering the 52 years remaining we estimated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 exclusive of costs.