Ince in Makerfield leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Ince in Makerfield will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and formalities to comply with once the process has commenced so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Ince in Makerfield,the lease extension solicitors 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 Ince in Makerfield valuers.
In the wake of eight months of unsuccessful correspondence with the freeholder of her first floor apartment in Ince in Makerfield, Yasmin started the lease extension process as the 80 year threshold was quickly coming. The lease extension was finalised in September 2006. The freeholder’s fees were negotiated to under 700 GBP.
Last year we were phoned by Mr Y López , who moved into a first floor apartment in Ince in Makerfield in May 1995. The question was if we could estimate the premium could be for a ninety year lease extension. Similar properties in Ince in Makerfield with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 collected annually. The lease terminated on 22 May 2085. Taking into account 60 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £25,700 and £29,600 not including fees.
Dr Jayden Wright purchased a one bedroom flat in Ince in Makerfield in September 1995. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable residencies in Ince in Makerfield with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease terminated on 12 July 2105. Having 80 years left we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.