Lickey End leases on residential deteriorating in value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term dips under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Lickey End will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not qualify. There are prescribed timetables and procedures to comply with once the process has started so it’s wise to be guided by a conveyancer during the process.
Leasehold properties in Lickey End with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Skipton Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Lickey End,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lickey End valuers.
Following lengthy negotiations with the landlord of her first floor apartment in Lickey End, Millie initiated the lease extension process just as the lease was nearing the all-important eighty-year deadline. The lease extension was concluded in October 2008. The freeholder’s costs were kept to an absolute minimum.
Last Spring we were e-mailed by Dr Kirsty Fournier , who purchased a purpose-built flat in Lickey End in September 2003. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Lickey End with an extended lease were valued around £280,000. The average amount of ground rent was £45 invoiced quarterly. The lease finished on 17 March 2096. Given that there were 70 years left we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.
Last Winter we were phoned by Mr and Mrs. I Moreau , who was assigned a lease of a newly refurbished apartment in Lickey End in October 2000. The question was if we could estimate the price would be for a ninety year lease extension. Comparable homes in Lickey End with an extended lease were worth £223,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease finished on 25 February 2085. Taking into account 59 years unexpired we approximated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 exclusive of professional charges.