As the the remaining lease term of a Lytham domestic lease decreases so does its value and therefore the value of your property. Where the lease has, more than 99 years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner than later. Most flat owners in Lytham will qualify for this right; however a conveyancer can advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| The Mortgage Works |
Retaining our service will provide you enhanced control over the value of your Lytham leasehold, as your property will be more valuable and marketable in respect of lease length should you decide 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 lengthy discussions with the landlord of her two bedroom flat in Lytham, Isabelle initiated the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work was concluded in June 2005. The freeholder’s costs were kept to an absolute minimum.
In 2009 we were e-mailed by Mr Kai Thompson who, having took over the lease of a purpose-built apartment in Lytham in September 2003. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical flats in Lytham with a long lease were worth £220,400. The average ground rent payable was £45 collected monthly. The lease concluded on 5 October 2090. Given that there were 64 years left we calculated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of fees.
Mr and Mrs. C Brooks acquired a one bedroom apartment in Lytham in March 2007. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Comparable flats in Lytham with 100 year plus lease were worth £270,000. The average ground rent payable was £55 collected every twelve months. The lease lapsed in 2101. Considering the 75 years remaining we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.