The only way is down when it comes to Meir lease terms. Meir properties that have a remaining term shorter than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.
Leasehold residencies in Meir with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society |
Using our service will provide you better control over the value of your Meir leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Ali owned a conversion flat in Meir on the market with a lease of just over fifty eight years remaining. Ali informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Ali to exercise his statutory right. Ali obtained expert advice and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Last Spring we were phoned by Mr and Mrs. E Leroy , who owned a basement apartment in Meir in June 2006. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Similar flats in Meir with an extended lease were valued around £261,600. The average amount of ground rent was £60 invoiced per annum. The lease terminated on 17 February 2078. Given that there were 52 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 plus costs.
In 2010 we were e-mailed by Mr George Dupont who, having acquired a basement apartment in Meir in August 2012. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparative properties in Meir with an extended lease were worth £218,000. The mid-range amount of ground rent was £45 collected yearly. The lease concluded on 5 June 2089. Taking into account 63 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 plus expenses.