Blackpool leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Blackpool will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not qualify. There are also strict timetables and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Blackpool with in excess of 100 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 property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Blackpool,the lease extension experts 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 Blackpool valuers.
Oliver owned a 2 bedroom flat in Blackpool being sold with a lease of a little over sixty years outstanding. Oliver on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Oliver to invoke his statutory right. Oliver procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
In 2010 we were contacted by Mr and Mrs. V David who, having bought a ground floor apartment in Blackpool in October 2010. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Identical homes in Blackpool with 100 year plus lease were valued about £249,200. The average amount of ground rent was £60 invoiced every twelve months. The lease concluded on 26 June 2076. Having 51 years remaining we calculated the compensation to the freeholder for the lease extension to be within £42,800 and £49,400 exclusive of costs.
Last Summer we were e-mailed by Ms Abbie López , who acquired a purpose-built apartment in Blackpool in March 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Blackpool with 100 year plus lease were worth £208,200. The average ground rent payable was £65 collected monthly. The lease end date was in 2086. Having 61 years left we estimated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 plus professional charges.