Great Sankey leases on residential properties are gradually losing value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Great Sankey will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are also strict deadlines and steps to comply with once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Great Sankey can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Great Sankey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Jack, came critically close to the eighty-year threshold with the lease on his studio apartment in Great Sankey. Having purchased his property 19 years previously, the unexpired term was of little relevance. As luck would have it, he recognised he would soon be paying way over the odds for Extending the lease. Jack was able to extend his lease at the eleventh hour last May. Jack and the landlord who owned the flat above in the end agreed on an amount of £5,000 . If he failed to meet the deadline, the figure would have escalated by a minimum £1,025.
Last Christmas we were called by Dr V Clarke , who completed a ground floor apartment in Great Sankey in February 1999. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative residencies in Great Sankey with 100 year plus lease were in the region of £260,200. The mid-range ground rent payable was £65 invoiced per annum. The lease lapsed on 8 January 2092. Considering the 66 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of legals.
Mr and Mrs. W Martinez was assigned a lease of a basement flat in Great Sankey in May 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Identical properties in Great Sankey with a long lease were worth £198,800. The mid-range ground rent payable was £55 billed quarterly. The lease finished on 28 November 2081. Considering the 55 years remaining we calculated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of costs.