The nearer a domestic lease in Wynyard nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, beyond 100 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Wynyard will qualify for this right; nevertheless a lawyer will be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Wynyard with more than 100 years unexpired 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 property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 |
| 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. |
Lease extensions in Wynyard can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 dealing with Wynyard lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy correspondence with the landlord of her purpose-built apartment in Wynyard, Alisha commenced the lease extension process just as her lease was approaching the critical 80-year deadline. The lease extension completed in March 2009. The landlord’s costs were kept to an absolute minimum.
In 2010 we were called by Mr S Moreau who, having bought a studio flat in Wynyard in May 2006. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar residencies in Wynyard with a long lease were valued around £295,000. The mid-range ground rent payable was £45 billed monthly. The lease lapsed in 2099. Given that there were 74 years left we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.
Mrs Lydia Bailey took over the lease of a one bedroom apartment in Wynyard in August 1995. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparative homes in Wynyard with 100 year plus lease were in the region of £243,000. The average ground rent payable was £65 billed yearly. The lease expired in 2088. Considering the 63 years remaining we approximated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus costs.