Burscough leases on residential properties are gradually losing value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Burscough will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Burscough can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 a wealth of experience dealing with Burscough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted negotiations with the landlord of her ground floor flat in Burscough, Courtney commenced the lease extension process just as the lease was approaching the critical 80-year threshold. The transaction was finalised in September 2011. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. T Ricardo acquired a purpose-built flat in Burscough in January 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparative properties in Burscough with 100 year plus lease were worth £275,000. The average ground rent payable was £55 collected annually. The lease expired in 2102. Considering the 76 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.
Last month we were called by Mr W Evans , who moved into a one bedroom flat in Burscough in November 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar flats in Burscough with 100 year plus lease were valued around £176,200. The average amount of ground rent was £65 invoiced quarterly. The lease finished in 2082. Taking into account 56 years outstanding we approximated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 exclusive of expenses.