The only way is down when it comes to Runcorn lease terms. Runcorn leaseholds that have a remaining term fewer than 80 years will de-escalate in value at a rapid rate, and the cost of extending your lease will increase.
Leasehold premises in Runcorn with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 Runcorn can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 procuring Runcorn 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 negotiations with the landlord of her two bedroom apartment in Runcorn, Holly initiated the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction was finalised in March 2012. The freeholder’s charges were kept to an absolute minimum.
In 2010 we were approached by Dr C Anderson who, having moved into a garden flat in Runcorn in November 2004. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparable premises in Runcorn with a long lease were valued around £246,800. The average amount of ground rent was £60 collected monthly. The lease came to a finish on 22 April 2076. Having 50 years remaining we estimated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 exclusive of legals.
In 2011 we were approached by Mr and Mrs. Y Ali who, having bought a one bedroom flat in Runcorn in September 2002. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in Runcorn with 100 year plus lease were worth £203,200. The average amount of ground rent was £65 collected yearly. The lease concluded on 11 April 2087. Having 61 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 plus legals.