The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Liverpool may extend the lease for a further 90 years under legislation. Please think carefully before delaying your Liverpool lease extension. Shelving that expense today simply increases the premium you will ultimately be required to pay to extend the lease.
Leasehold residencies in Liverpool with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Virgin | |
| Yorkshire Building Society |
Using our service gives you increased control over the value of your Liverpool leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Caleb, started to get near to the 80-year mark with the lease on his purpose- built flat in Liverpool. In buying his flat 19 years previously, the length of the lease was of little bearing. Luckily, it dawned on him that he would soon be paying an escalated premium for a lease extension. Caleb was able to extend his lease just ahead of time in January. Caleb and the freeholder in the end settled on the final figure of £5,500 . If the lease had slid lower than eighty years, the amount would have increased by a minimum £1,100.
In 2012 we were approached by Mr and Mrs. J Khan who, having owned a purpose-built apartment in Liverpool in August 2007. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparable premises in Liverpool with a long lease were worth £295,000. The mid-range ground rent payable was £45 collected yearly. The lease elapsed in 2101. Given that there were 75 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.
Dr Sebastian François acquired a basement apartment in Liverpool in April 1997. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative flats in Liverpool with 100 year plus lease were in the region of £250,400. The mid-range amount of ground rent was £65 invoiced annually. The lease concluded in 2090. Having 64 years remaining we estimated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 not including legals.