When it comes to long leasehold property in Wallasey, you are actually purchasing an entitlement to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than 80 years remaining. Anyone in Wallasey with a lease drawing near to 81 years left should seriously consider extending it sooner rather than later. When the lease term has fewer than 80 years remaining, under the relevant legislation the freeholder is entitled to calculate and levy a greater amount, assessed on a technical calculation, known as “marriage value” which is due.
It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Retaining our service gives you better control over the value of your Wallasey leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last Autumn Max, started to get close to the 80-year threshold with the lease on his ground floor apartment in Wallasey. In buying his home 18 years previously, the length of the lease was of no relevance. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Max arranged for a lease extension just under the wire in July. Max and the landlord who owned the flat above eventually agreed on the final figure of £5,000 . If he not met the deadline, the figure would have gone up by at least £875.
Dr Millie Sharif moved into a one bedroom flat in Wallasey in October 1998. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Wallasey with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 invoiced per annum. The lease ended in 2104. Considering the 79 years unexpired we approximated the premium to the landlord to extend the lease to be within £7,600 and £8,800 not including professional charges.
In 2013 we were contacted by Ms Courtney Ramírez who, having acquired a one bedroom flat in Wallasey in September 2003. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Similar residencies in Wallasey with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expiry date was on 10 February 2093. Given that there were 68 years remaining we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.