There is no doubt about it a leasehold property in St Helens is a wasting asset as a result of the shortening lease. Where the residual term has, beyond 125 years remaining then this decrease may be negligible however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in St Helens will qualify for this right; however a conveyancing solicitor can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Halifax | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in St Helens can be a difficult process. We recommend you get professional help from a lawyer 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 St Helens lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the landlord of her garden apartment in St Helens, Jordan initiated the lease extension process just as the lease was nearing the all-important 80-year threshold. The lease extension was concluded in February 2007. The freeholder’s costs were restricted to approximately 650 pounds.
In 2009 we were phoned by Mr and Mrs. A Green who, having purchased a newly refurbished apartment in St Helens in February 2010. The question was if we could estimate the premium could be to extend the lease by a further 90 years. Comparative flats in St Helens with an extended lease were in the region of £260,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease lapsed on 24 February 2098. Having 72 years left we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.
In 2011 we were phoned by Mr and Mrs. I Jones who, having was assigned a lease of a one bedroom flat in St Helens in September 2012. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Identical residencies in St Helens with a long lease were worth £256,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease expired on 4 June 2078. Considering the 52 years remaining we estimated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 plus costs.