Huyton leases on residential deteriorating in value. Where your lease has about ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Huyton will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Retaining our service gives you better control over the value of your Huyton leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful discussions with the landlord of her purpose-built apartment in Huyton, Caitlin commenced the lease extension process as the eighty year threshold was fast coming. The lease extension was concluded in April 2014. The landlord’s fees were restricted to approximately 600 GBP.
Last Autumn we were e-mailed by Mr and Mrs. M Roberts , who took over the lease of a basement flat in Huyton in September 2003. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Similar flats in Huyton with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 billed annually. The lease came to a finish in 2096. Having 71 years left we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.
Last June we were e-mailed by Mr and Mrs. H Brooks , who owned a purpose-built flat in Huyton in January 2004. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Comparable premises in Huyton with 100 year plus lease were in the region of £230,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease concluded on 11 January 2085. Given that there were 60 years outstanding we estimated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 plus expenses.