Walkden leases on domestic properties are gradually losing value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the current lease dips lower than eighty years - otherwise a higher amount will be payable. Leasehold owners in Walkden will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Walkden with over 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 home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Walkden can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.
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 in-depth market knowledge dealing with Walkden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joshua owned a studio flat in Walkden being sold with a lease of just over 59 years outstanding. Joshua informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Joshua to exercise his statutory right. Joshua procured expert legal guidance and secured an acceptable resolution informally and readily saleable.
Last Autumn we were contacted by Mr and Mrs. F Lee , who was assigned a lease of a recently refurbished apartment in Walkden in October 2010. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar homes in Walkden with 100 year plus lease were valued around £275,000. The average ground rent payable was £55 collected every twelve months. The lease finished in 2102. Considering the 76 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.
Dr J Wilson moved into a garden flat in Walkden in July 2012. The question was if we could estimate the price could be to prolong the lease by ninety years. Similar residencies in Walkden with a long lease were worth £176,200. The average ground rent payable was £65 collected monthly. The lease concluded on 14 March 2082. Taking into account 56 years outstanding we approximated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 not including expenses.