The only way is down when it comes to Runcorn lease terms. Runcorn leaseholds that have a lease term less than than 80 years will de-escalate in value at a rapid rate, and the cost of extending your lease will go up.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank |
Regardless of whether you are a tenant or a freeholder in Runcorn,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Runcorn valuers.
In recent months William, came precariously near to the 80-year mark with the lease on his two bedroom flat in Runcorn. Having bought his flat 18 years ago, the lease term was of little concern. Fortunately, he recognised he would imminently be paying an escalated premium for a lease extension. William arranged for a lease extension just ahead of time in June. William and the freeholder via the managing agents subsequently settled on an amount of £5,000 . If he had missed the deadline, the figure would have gone up by a minimum £1,025.
Dr Dylan James was assigned a lease of a studio flat in Runcorn in February 1998. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Similar flats in Runcorn with 100 year plus lease were in the region of £245,000. The mid-range amount of ground rent was £50 collected per annum. The lease finished on 15 February 2094. Considering the 68 years remaining we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.
Mrs Rachael Cox bought a newly refurbished apartment in Runcorn in October 1998. The dilemma was if we could approximate the premium would be to extend the lease by a further 90 years. Identical premises in Runcorn with 100 year plus lease were worth £285,000. The average amount of ground rent was £55 billed yearly. The lease ran out on 11 October 2105. Given that there were 79 years remaining we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus costs.