There is no doubt about it a leasehold flat or house in Fulwood is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years unexpired 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 main reason why you should consider extending without delay. Many flat owners in Fulwood will qualify for this right; nevertheless a conveyancing solicitor can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in Fulwood,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fulwood valuers.
Following lengthy negotiations with the landlord of her basement flat in Fulwood, Jodie started the lease extension process as the 80 year mark was swiftly approaching. The transaction completed in May 2006. The landlord’s fees were negotiated to less than 550 pounds.
In 2010 we were approached by Dr F Hall who, having purchased a purpose-built apartment in Fulwood in March 1995. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar premises in Fulwood with 100 year plus lease were valued about £254,200. The mid-range ground rent payable was £60 billed yearly. The lease concluded in 2077. Having 51 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £43,700 and £50,600 plus fees.
In 2011 we were phoned by Mr and Mrs. U Brown who, having owned a studio flat in Fulwood in June 1997. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar homes in Fulwood with a long lease were valued around £210,600. The mid-range amount of ground rent was £45 invoiced quarterly. The lease expired in 2088. Given that there were 62 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 not including fees.