Birkenhead leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the current lease dips below 80 years - otherwise a higher premium will be payable. Flat owners in Birkenhead will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some circumstances you may not be entitled. There are also strict timetables and procedures to follow once the process is triggered so it’s best to be guided by a lawyer during the process.
Leasehold premises in Birkenhead with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Birkenhead,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Birkenhead valuers.
Off the back of protracted discussions with the landlord of her basement apartment in Birkenhead, Katherine started the lease extension process just as the lease was approaching the crucial eighty-year mark. The legal work was finalised in May 2007. The landlord’s fees were kept to an absolute minimum.
Last Summer we were approach by Mr L Garcia , who completed a one bedroom flat in Birkenhead in June 2005. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative flats in Birkenhead with a long lease were in the region of £285,000. The mid-range amount of ground rent was £45 collected annually. The lease finished in 2098. Considering the 72 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus costs.
Last Winter we were called by Dr Rebecca Martinez , who completed a basement flat in Birkenhead in January 1998. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Birkenhead with an extended lease were valued about £233,200. The mid-range amount of ground rent was £60 billed monthly. The lease expired on 5 January 2087. Taking into account 61 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of professional charges.