There is no doubt about it a leasehold flat or house in Speke is a wasting asset as a result of the shortening lease. If the lease has, beyond 125 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Speke will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Speke with more than 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 purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Irrespective of whether you are a tenant or a freeholder in Speke,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Speke valuers.
In the wake of 9 months of protracted correspondence with the landlord of her two bedroom flat in Speke, Lydia initiated the lease extension process as the eighty year threshold was quickly nearing. The legal work completed in October 2014. The landlord’s charges were negotiated to slightly above 650 pounds.
In 2013 we were contacted by Ms V Rogers who, having was assigned a lease of a one bedroom flat in Speke in July 2000. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable residencies in Speke with 100 year plus lease were in the region of £242,600. The mid-range ground rent payable was £45 collected every twelve months. The lease elapsed on 20 August 2092. Having 67 years remaining we approximated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including professional charges.
In 2009 we were e-mailed by Mrs Isabella Lewis who, having completed a one bedroom flat in Speke in August 2011. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar properties in Speke with an extended lease were valued around £280,000. The mid-range ground rent payable was £55 collected quarterly. The lease lapsed on 14 November 2103. Considering the 78 years unexpired we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.