The only way is down when it comes to Greasby lease terms. Greasby flats that have a lease term shorter than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will go up.
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society |
Using our service gives you enhanced control over the value of your Greasby leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Jackson, came very close to the eighty-year threshold with the lease on his leasehold apartment in Greasby. In buying his home two decades ago, the unexpired term was of little bearing. Luckily, he recognised he would imminently be paying way over the odds for a lease extension. Jackson extended the lease at the eleventh hour in August. Jackson and the landlord eventually agreed on an amount of £5,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £1,125.
Last Winter we were approach by Dr K Turner , who completed a first floor flat in Greasby in June 2010. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical premises in Greasby with 100 year plus lease were worth £210,600. The average ground rent payable was £45 billed per annum. The lease terminated in 2088. Taking into account 62 years remaining we estimated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 exclusive of expenses.
Last Christmas we were approach by Mr and Mrs. R López , who bought a purpose-built flat in Greasby in November 2000. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative homes in Greasby with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 billed per annum. The lease ran out in 2099. Considering the 73 years outstanding we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.