Cleveleys leases on domestic properties are gradually losing value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Cleveleys will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Cleveleys with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Using our service will provide you increased control over the value of your Cleveleys leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In recent months James, came very near to the 80-year threshold with the lease on his studio apartment in Cleveleys. Having bought his flat two decades ago, the length of the lease was of minimal concern. Thankfully, he recognised he would soon be paying way over the odds for Extending the lease. James extended the lease just in the nick of time last July. James and the landlord in the end agreed on the final figure of £6,000 . If he not met the deadline, the price would have escalated by a minimum £975.
Mr K Laurent purchased a garden flat in Cleveleys in August 1996. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparable flats in Cleveleys with a long lease were valued around £254,200. The average amount of ground rent was £60 invoiced yearly. The lease ended on 20 November 2077. Considering the 51 years remaining we approximated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 exclusive of fees.
In 2011 we were phoned by Mr J Petit who, having owned a one bedroom apartment in Cleveleys in June 1999. We are asked if we could estimate the price would be for a ninety year lease extension. Comparable properties in Cleveleys with an extended lease were in the region of £210,600. The mid-range ground rent payable was £45 billed per annum. The lease expired on 17 October 2088. Taking into account 62 years remaining we approximated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of fees.