Lymm and Warburton leases on residential properties are gradually losing value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease falls under eighty years - otherwise a higher premium will be payable. Flat owners in Lymm and Warburton will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a lawyer during the process.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The lawyers that we work with handle Lymm and Warburton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Half a year ago James, came dangerously near to the eighty-year mark with the lease on his one bedroom apartment in Lymm and Warburton. Having purchased his flat 18 years ago, the lease term was of minimal concern. by good luck, he noticed he would soon be paying an inflated amount for Extending the lease. James arranged for a lease extension just ahead of time last May. James and the freeholder subsequently settled on a premium of £5,000 . If the lease had slid to less than 80 years, the sum would have escalated by at least £1,075.
In 2012 we were contacted by Mr and Mrs. V Michel who, having purchased a ground floor apartment in Lymm and Warburton in January 1996. The question was if we could approximate the premium would be for a ninety year lease extension. Identical homes in Lymm and Warburton with a long lease were worth £200,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease finished in 2103. Having 77 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.
Dr F Cooper moved into a one bedroom flat in Lymm and Warburton in August 2012. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Lymm and Warburton with a long lease were valued around £265,200. The average amount of ground rent was £65 collected monthly. The lease came to a finish on 6 October 2092. Given that there were 66 years unexpired we calculated the premium to the landlord to extend the lease to be between £15,200 and £17,600 plus legals.