Netherley leases on domestic deteriorating in value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Netherley will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some cases you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Netherley can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in this area.
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 Netherley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Sam owned a studio flat in Netherley on the market with a lease of a few days over 59 years outstanding. Sam informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sam to exercise his statutory right. Sam procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the flat.
Last Winter we were called by Mr and Mrs. F Garcia , who moved into a basement apartment in Netherley in June 1997. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar flats in Netherley with 100 year plus lease were valued around £300,000. The average ground rent payable was £50 billed annually. The lease concluded in 2102. Having 76 years outstanding we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.
Dr O White took over the lease of a one bedroom flat in Netherley in August 2008. The question was if we could approximate the price would likely be for a 90 year lease extension. Comparative homes in Netherley with 100 year plus lease were in the region of £257,800. The average amount of ground rent was £65 collected monthly. The lease elapsed in 2091. Considering the 65 years remaining we estimated the premium to the landlord for the lease extension to be between £18,100 and £20,800 not including professional charges.