Chances are that where you own a flat in Prescot and Knowlsey you actually own a long leasehold interest over your property
Leasehold residencies in Prescot and Knowlsey with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Prescot and Knowlsey can be a difficult process. We recommend you secure 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 in-depth market knowledge procuring 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.
Trailing protracted discussions with the freeholder of her first floor apartment in Prescot and Knowlsey, Kayleigh initiated the lease extension process as the 80 year threshold was swiftly coming. The lease extension completed in July 2011. The freeholder’s costs were kept to an absolute minimum.
Dr Chloe Clark moved into a one bedroom apartment in Prescot and Knowlsey in May 1996. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical properties in Prescot and Knowlsey with a long lease were valued about £246,800. The mid-range ground rent payable was £60 collected annually. The lease elapsed in 2076. Considering the 50 years as a residual term we estimated the premium to the landlord to extend the lease to be between £44,700 and £51,600 not including costs.
In 2009 we were phoned by Ms Chantelle García who, having completed a basement flat in Prescot and Knowlsey in March 2008. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparable residencies in Prescot and Knowlsey with an extended lease were worth £208,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease expired on 17 September 2087. Given that there were 61 years as a residual term we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 plus costs.