For those whose Melling property is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.
Leasehold premises in Melling 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Halifax | |
| Virgin |
Engaging our service will provide you increased control over the value of your Melling leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the freeholder of her basement flat in Melling, Mollie initiated the lease extension process as the eighty year mark was swiftly coming. The transaction was concluded in April 2012. The landlord’s fees were kept to an absolute minimum.
Dr T Gunderson was assigned a lease of a basement apartment in Melling in June 2004. The dilemma was if we could estimate the price would likely be for a 90 year lease extension. Comparative properties in Melling with 100 year plus lease were valued around £290,000. The mid-range ground rent payable was £60 billed quarterly. The lease came to a finish in 2106. Given that there were 80 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of fees.
Dr Jude Davies took over the lease of a newly refurbished apartment in Melling in November 1995. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Similar residencies in Melling with an extended lease were worth £200,800. The average ground rent payable was £65 collected every twelve months. The lease terminated on 13 September 2086. Given that there were 60 years left we estimated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 exclusive of expenses.