Prescot and Knowlsey leases on domestic properties are gradually losing value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be payable. Flat owners in Prescot and Knowlsey will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some cases you may not qualify. There are also strict timetables and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold properties in Prescot and Knowlsey with more than 100 years left 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 upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Prescot and Knowlsey can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Prescot and Knowlsey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Cameron was the the leasehold proprietor of a studio apartment in Prescot and Knowlsey being marketed with a lease of just over 61 years left. Cameron on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Cameron to invoke his statutory right. Cameron obtained expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Mr and Mrs. K Howard acquired a purpose-built flat in Prescot and Knowlsey in March 2007. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Identical properties in Prescot and Knowlsey with an extended lease were valued about £264,000. The mid-range amount of ground rent was £60 billed quarterly. The lease ended in 2078. Having 53 years left we calculated the premium to the landlord to extend the lease to be within £37,100 and £42,800 not including fees.
Last Summer we were approach by Mr and Mrs. I Richardson , who owned a ground floor apartment in Prescot and Knowlsey in July 2010. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparable residencies in Prescot and Knowlsey with a long lease were valued about £225,400. The average ground rent payable was £45 collected annually. The lease lapsed in 2089. Considering the 64 years remaining we estimated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of professional charges.