The re-sale value of a leasehold property in Arnside is impacted by how long the lease has left to run. If it is near to or fewer than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for the lease to be extended prior to purchasing. It is preferable to commence the process of extending the lease is when a lease still has 82 years unexpired so that all matters can be addressed in advance of the 80 year threshold. Leasehold Reform legislation enables Arnside qualifying lessees to a ninety year extension added to their residual lease term (ie if your lease has fifty years remaining the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Arnside 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 procuring Arnside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca was the the leasehold proprietor of a 2 bedroom apartment in Arnside on the market with a lease of a little over 61 years outstanding. Luca informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Luca to exercise his statutory right. Luca obtained expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.
Last Autumn we were called by Mr and Mrs. W Richardson , who acquired a one bedroom flat in Arnside in September 2007. The dilemma was if we could estimate the price would be to extend the lease by 90 years. Similar properties in Arnside with a long lease were in the region of £267,600. The average ground rent payable was £65 invoiced annually. The lease concluded on 1 February 2093. Having 67 years outstanding we approximated the premium to the landlord to extend the lease to be within £14,300 and £16,400 plus professional charges.
In 2013 we were phoned by Mr and Mrs. A Simon who, having purchased a garden apartment in Arnside in January 2000. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparative homes in Arnside with a long lease were in the region of £206,200. The mid-range ground rent payable was £55 billed every twelve months. The lease elapsed on 3 October 2082. Having 56 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus professional charges.