Birkenshaw leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Birkenshaw enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Birkenshaw you would be well advised to check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value
It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Using our service gives you better control over the value of your Birkenshaw leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Benjamin was the the leasehold proprietor of a studio apartment in Birkenshaw on the market with a lease of a little over 72 years outstanding. Benjamin informally approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. No ground rent would be due on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.
Dr Jason Cox was assigned a lease of a purpose-built apartment in Birkenshaw in May 1995. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Identical homes in Birkenshaw with a long lease were valued around £200,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease ended in 2103. Considering the 77 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.
Ms Stephanie Cooper was assigned a lease of a one bedroom flat in Birkenshaw in July 1998. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparative residencies in Birkenshaw with a long lease were worth £260,200. The mid-range amount of ground rent was £65 collected per annum. The lease ran out on 18 January 2092. Taking into account 66 years remaining we calculated the premium to the landlord to extend the lease to be within £16,200 and £18,600 not including costs.