When it comes to residential leasehold property in Wynyard, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly once there are less than eighty years left. Anyone in Wynyard with a lease approaching 81 years remaining should seriously consider extending it without delay. When a lease has under 80 years remaining, under the relevant Act the landlord can calculate and charge a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold residencies in Wynyard with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| TSB | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Wynyard,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wynyard valuers.
Finn was the the leasehold owner of a 2 bedroom flat in Wynyard being marketed with a lease of a few days over 72 years outstanding. Finn on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Finn to invoke his statutory right. Finn procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
In 2013 we were called by Mr and Mrs. J Michel who, having took over the lease of a ground floor flat in Wynyard in February 1998. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative flats in Wynyard with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease lapsed on 28 January 2095. Considering the 69 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of fees.
Ms Sian Evans was assigned a lease of a basement apartment in Wynyard in July 2004. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative residencies in Wynyard with 100 year plus lease were in the region of £216,000. The mid-range ground rent payable was £60 collected monthly. The lease came to a finish in 2084. Having 58 years unexpired we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus legals.