There is no doubt about it a leasehold flat or house in Lydiate and Melling is a wasting asset as a result of the shortening lease. If the lease has, more than 99 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner as opposed to later. Most flat owners in Lydiate and Melling will qualify for this right; nevertheless a conveyancer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Nationwide Building Society | |
| TSB | |
| Virgin |
Using our service gives you enhanced control over the value of your Lydiate and Melling leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Jasper, came critically near to the eighty-year threshold with the lease on his ground floor apartment in Lydiate and Melling. In buying his property 18 years previously, the lease term was of minimal bearing. Thankfully, he became aware that he would imminently be paying an inflated amount for a lease extension. Jasper arranged for a lease extension just under the wire last August. Jasper and the landlord who owned the flat above eventually settled on an amount of £5,000 . If he had missed the deadline, the figure would have escalated by at least £950.
In 2012 we were called by Mr and Mrs. U Edwards who, having completed a first floor apartment in Lydiate and Melling in September 2002. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical flats in Lydiate and Melling with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease lapsed on 19 May 2098. Given that there were 72 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.
Last Spring we were phoned by Mr and Mrs. D David , who took over the lease of a purpose-built apartment in Lydiate and Melling in August 2002. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Identical properties in Lydiate and Melling with 100 year plus lease were in the region of £261,600. The mid-range ground rent payable was £60 billed every twelve months. The lease termination date was on 16 June 2078. Considering the 52 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 not including legals.