It’s an underpublicised certainty that a Poulton Le Fylde residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Poulton Le Fylde property market.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher amount will be payable. Most flat owners in Poulton Le Fylde will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
Leasehold residencies in Poulton Le Fylde with more than one hundred years left on the lease are often regarded as a ‘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 upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Poulton Le Fylde can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge dealing with Poulton Le Fylde lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aaron owned a 2 bedroom apartment in Poulton Le Fylde on the market with a lease of a few days over fifty eight years unexpired. Aaron on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Aaron to invoke his statutory right. Aaron obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
In 2013 we were called by Ms I Khan who, having acquired a ground floor flat in Poulton Le Fylde in March 1996. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Similar homes in Poulton Le Fylde with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 collected every twelve months. The lease ran out in 2091. Taking into account 65 years remaining we calculated the premium to the landlord for the lease extension to be within £17,100 and £19,800 plus costs.
In 2010 we were phoned by Mr Max Wilson who, having bought a garden apartment in Poulton Le Fylde in May 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Poulton Le Fylde with an extended lease were worth £191,400. The mid-range amount of ground rent was £55 collected monthly. The lease expired in 2080. Given that there were 54 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 not including legals.