The nearer a domestic lease in Helsby gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, beyond 125 years to run then this decrease may be negligible nevertheless there will become a point in time 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 be significant. It is the main logic behind why you should extend the lease sooner than later. Many flat owners in Helsby will meet the qualifying criteria; nevertheless a conveyancer will be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Helsby with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
|Barnsley Building Society||60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.|
|Birmingham Midshires||Minimum 70 years from the date of the mortgage.|
|Coventry Building Society||A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.|
|Godiva Mortgages||A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.|
|Yorkshire Building Society||85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.|
Lease extensions in Helsby can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Helsby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Milo owned a high value apartment in Helsby being marketed with a lease of fraction over sixty years left. Milo on an informal basis contacted his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Milo to invoke his statutory right. Milo procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Ms Sian Clark purchased a ground floor flat in Helsby in September 2001. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparative properties in Helsby with an extended lease were valued about £205,000. The mid-range amount of ground rent was £50 billed yearly. The lease came to a finish on 16 March 2101. Given that there were 79 years remaining we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
In 2010 we were contacted by Dr Jade Martínez who, having bought a ground floor apartment in Helsby in October 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical residencies in Helsby with a long lease were worth £275,000. The mid-range ground rent payable was £65 invoiced per annum. The lease elapsed on 4 February 2090. Having 68 years left we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of costs.