The value of Helsby leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is less than eighty years
It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Helsby can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge 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.
Off the back of lengthy correspondence with the landlord of her basement apartment in Helsby, Kirsty initiated the lease extension process just as the lease was nearing the critical 80-year mark. The legal work was finalised in November 2012. The landlord’s fees were negotiated to about 650 GBP.
Mrs Isabella Johnson acquired a purpose-built flat in Helsby in November 1995. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical premises in Helsby with 100 year plus lease were worth £208,600. The mid-range amount of ground rent was £60 billed quarterly. The lease came to a finish on 19 June 2082. Having 57 years remaining we calculated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of legals.
Mr Nathan Wood took over the lease of a recently refurbished flat in Helsby in August 2007. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Comparable premises in Helsby with a long lease were valued around £200,000. The mid-range ground rent payable was £50 collected monthly. The lease came to a finish in 2102. Taking into account 77 years left we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.