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Main reasons to commence your Helsby lease extension


Main reasons to commence your Helsby lease extension today:

A Helsby lease depreciates with the years remaining on the lease.

When it comes to residential leasehold premises in Helsby, you are actually buying a right to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly when there are less than eighty years remaining. Leasehold owners in Helsby with a lease approaching 81 years left should seriously consider extending it as soon as possible. Once a lease has less than 80 years left, under the relevant Act the landlord is entitled to calculate and demand a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

Helsby property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Helsby with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may not finance a property with a short lease

Mortgage companies do not grant a mortgage on short residential leases. You most probably experience difficulties where you need to sell your flat in Helsby if the unexpired lease term is under the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but on the whole they are looking for an unexpired term of at least seventy years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Helsby lease extension solicitors or enfranchisement solicitors

Engaging our service gives you better control over the value of your Helsby leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Helsby Lease Extension Case Summaries:

Morgan, Helsby, Cheshire,

Subsequent to unsuccessful correspondence with the landlord of her studio flat in Helsby, Morgan started the lease extension process as the eighty year mark was fast approaching. The legal work completed in June 2007. The freeholder’s fees were kept to an absolute minimum.

Helsby case:

Dr Ellen Roux took over the lease of a one bedroom flat in Helsby in January 2010. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar premises in Helsby with a long lease were valued about £290,000. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish on 10 July 2096. Having 72 years left we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.

Helsby case:

Dr Arthur Bertrand took over the lease of a first floor apartment in Helsby in May 2001. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative homes in Helsby with 100 year plus lease were worth £233,200. The average amount of ground rent was £60 collected monthly. The lease ended on 7 June 2085. Considering the 61 years as a residual term we estimated the premium to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of professional charges.