There is no doubt about it a leasehold flat or house in Eccleston and St Helens is a wasting asset as a result of the diminishing lease term. Where the lease has, beyond 100 years to run then this decrease may be fractional however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. The majority of flat owners in Eccleston and St Helens will meet the qualifying criteria; nevertheless a conveyancer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold residencies in Eccleston and St Helens with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Halifax | |
| Skipton Building Society | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with undertake Eccleston and St Helens lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
In 2014 Liam, came critically close to the eighty-year mark with the lease on his ground floor flat in Eccleston and St Helens. Having bought his flat two decades ago, the length of the lease was of little concern. Fortunately, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Liam arranged for a lease extension at the eleventh hour in March. Liam and the freeholder in the end settled on sum of £5,000 . If he had missed the deadline, the amount would have gone up by a minimum £925.
Last Winter we were e-mailed by Mr and Mrs. G Richardson , who completed a ground floor apartment in Eccleston and St Helens in March 2012. The question was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparable flats in Eccleston and St Helens with 100 year plus lease were valued around £183,600. The average amount of ground rent was £65 invoiced annually. The lease finished on 10 January 2083. Having 57 years remaining we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.
Mr Luca Jones was assigned a lease of a studio apartment in Eccleston and St Helens in January 2007. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in Eccleston and St Helens with a long lease were in the region of £250,000. The average ground rent payable was £50 billed per annum. The lease ran out on 7 August 2094. Considering the 68 years left we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.