As the the remaining lease term of a Helsby residential lease diminished so does its value and therefore the value of your property. Where the lease has, beyond 100 years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than 80 years left 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 consider extending without delay. Most flat owners in Helsby will qualify for this right; however a conveyancer can confirm if you are eligible 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 generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Helsby,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Helsby valuers.
After lengthy discussions with the freeholder of her ground floor apartment in Helsby, Phoebe started the lease extension process just as the lease was approaching the all-important eighty-year threshold. The lease extension completed in May 2009. The landlord’s costs were kept to an absolute minimum.
In 2010 we were contacted by Dr P Cooper who, having was assigned a lease of a one bedroom flat in Helsby in September 2005. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Identical homes in Helsby with an extended lease were worth £198,800. The mid-range ground rent payable was £55 invoiced monthly. The lease concluded on 8 August 2080. Given that there were 55 years unexpired we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of costs.
In 2009 we were called by Mr Owen Edwards who, having owned a one bedroom apartment in Helsby in February 2012. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Helsby with an extended lease were valued around £300,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease elapsed on 27 May 2100. Having 75 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus professional charges.