Unfortunately that a Helsby residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Helsby property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be due. Most leasehold owners in Helsby will be able to extend under the legislation; however a lawyer will be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold residencies in Helsby with in excess of 100 years remaining 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Helsby can be a difficult process. We recommend you secure professional help from a lawyer and surveyor 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 dealing with Helsby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the landlord of her studio apartment in Helsby, Amelia started the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The lease extension was concluded in October 2015. The landlord’s charges were kept to an absolute minimum.
Last Autumn we were approach by Ms Molly Thomas , who acquired a garden flat in Helsby in March 2004. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar flats in Helsby with an extended lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected annually. The lease came to a finish in 2104. Considering the 79 years as a residual term we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.
In 2014 we were approached by Dr S Smith who, having moved into a purpose-built flat in Helsby in September 2008. We are asked if we could approximate the premium could be for a ninety year lease extension. Similar flats in Helsby with a long lease were valued about £275,000. The average ground rent payable was £65 invoiced quarterly. The lease ran out in 2093. Having 68 years left we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus expenses.