There is no doubt about it a leasehold property in Ellesmere Port is a wasting asset as a result of the diminishing lease term. If the lease has, beyond 125 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Ellesmere Port will qualify for this right; however a conveyancing solicitor should be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| TSB | |
| Virgin |
The lawyers that we work with procure Ellesmere Port 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 conveyancer we work with provide it.
After unsuccessful negotiations with the freeholder of her ground floor flat in Ellesmere Port, Leah commenced the lease extension process as the 80 year deadline was fast coming. The transaction completed in March 2015. The freeholder’s fees were restricted to a tad over five hundred pounds.
Dr George Brown owned a basement flat in Ellesmere Port in August 2001. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical properties in Ellesmere Port with an extended lease were worth £200,000. The mid-range ground rent payable was £50 collected monthly. The lease ran out on 23 March 2104. Considering the 78 years left we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.
Mr Caleb Michel completed a garden apartment in Ellesmere Port in January 1998. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparable homes in Ellesmere Port with a long lease were worth £267,600. The mid-range amount of ground rent was £65 invoiced monthly. The lease came to a finish in 2093. Given that there were 67 years left we approximated the premium to the landlord for the lease extension to be within £14,300 and £16,400 not including professional charges.