Helsby leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual 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 Helsby will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some cases you may not qualify. There are prescribed timetables and steps to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with more than 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 property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Helsby can be a difficult process. We recommend you secure professional help from a lawyer 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.
After lengthy correspondence with the freeholder of her two bedroom apartment in Helsby, Louise started the lease extension process as the 80 year mark was fast nearing. The lease extension was concluded in July 2007. The landlord’s costs were kept to an absolute minimum.
Last year we were e-mailed by Dr Cameron Martinez , who was assigned a lease of a ground floor apartment in Helsby in March 2008. The question was if we could approximate the premium would be to prolong the lease by ninety years. Identical premises in Helsby with 100 year plus lease were valued around £267,600. The mid-range ground rent payable was £65 billed quarterly. The lease ran out on 27 November 2092. Given that there were 67 years outstanding we calculated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of expenses.
Mr Muhammad Robinson acquired a garden flat in Helsby in February 2010. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Helsby with 100 year plus lease were valued about £206,200. The average ground rent payable was £60 collected monthly. The lease elapsed in 2081. Considering the 56 years left we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including expenses.