The re-sale value of a leasehold property in Frodsham is impacted by how long the lease has remaining. If it is close to or less than 80 years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension before buying. It is ideal to start the process of extending the lease is when a lease still has 82 years to run so that all matters can be concluded prior to the eighty year mark. Current legislation enables Frodsham qualifying lessees to an additional term of ninety years on top of the remaining term, at a nominal rent (zero ground rent). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold premises in Frodsham with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Retaining our service will provide you better control over the value of your Frodsham leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy correspondence with the freeholder of her studio apartment in Frodsham, Elizabeth initiated the lease extension process just as the lease was approaching the crucial 80-year threshold. The legal work completed in January 2010. The landlord’s costs were negotiated to under 450 pounds.
Last July we were called by Mr Logan Thompson , who took over the lease of a ground floor apartment in Frodsham in August 1997. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparative residencies in Frodsham with an extended lease were in the region of £280,000. The average amount of ground rent was £45 billed every twelve months. The lease came to a finish on 16 October 2096. Given that there were 70 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.
Last Spring we were phoned by Mr and Mrs. U Edwards , who purchased a one bedroom apartment in Frodsham in February 2009. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Comparative premises in Frodsham with an extended lease were valued about £223,400. The average ground rent payable was £60 collected every twelve months. The lease expired in 2085. Given that there were 59 years left we approximated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 not including expenses.