St Annes leases on residential properties are gradually losing value. Where your lease has in the region of ninety 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 begin paying an additional element called marriage value. Leasehold owners in St Annes will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are also strict deadlines and steps to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in St Annes can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 St Annes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kyle was the the leasehold owner of a 2 bedroom apartment in St Annes on the market with a lease of just over 59 years unexpired. Kyle informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be due on a lease extension were Kyle to invoke his statutory right. Kyle obtained expert advice and secured an acceptable resolution informally and readily saleable.
In 2014 we were called by Mr and Mrs. F Gray who, having bought a garden flat in St Annes in June 2005. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative homes in St Annes with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 collected monthly. The lease finished on 13 January 2089. Given that there were 63 years unexpired we calculated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 exclusive of fees.
Mr and Mrs. S Laurent purchased a basement apartment in St Annes in July 2012. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparable premises in St Annes with 100 year plus lease were valued around £270,000. The average amount of ground rent was £55 collected per annum. The lease expiry date was on 5 October 2100. Given that there were 74 years remaining we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.