With a residential leasehold premises in Morecambe, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably once there are fewer than 80 years left. Anyone in Morecambe with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When the lease term has below eighty years left, under the relevant legislation the freeholder can calculate and levy a larger premium, based on a technical computation, strangely termed as “marriage value” which is due.
Leasehold premises in Morecambe with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| TSB |
Lease extensions in Morecambe can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Morecambe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted correspondence with the freeholder of her garden apartment in Morecambe, Alisha initiated the lease extension process just as her lease was coming close to the crucial 80-year mark. The transaction completed in February 2006. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were approached by Ms Holly Thompson who, having completed a garden apartment in Morecambe in July 1996. The question was if we could estimate the price would be for a 90 year lease extension. Similar flats in Morecambe with an extended lease were in the region of £171,800. The average amount of ground rent was £55 billed quarterly. The lease termination date was in 2076. Taking into account 50 years outstanding we approximated the premium to the landlord for the lease extension to be within £33,300 and £38,400 not including fees.
Last September we were phoned by Ms Morgan Bell , who owned a one bedroom flat in Morecambe in July 2009. The question was if we could approximate the premium would be for a ninety year extension to my lease. Similar premises in Morecambe with a long lease were valued about £280,000. The mid-range ground rent payable was £45 collected annually. The lease concluded on 11 August 2096. Considering the 70 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.