St Helens leases on domestic properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in St Helens will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain situations you may not be entitled. There are also strict timetables and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in St Helens with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Yorkshire Building Society |
Lease extensions in St Helens can be a difficult process. We recommend you get guidance 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 in-depth market knowledge 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.
Elijah was the the leasehold proprietor of a 2 bedroom apartment in St Helens being sold with a lease of a little over fifty eight years unexpired. Elijah informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert advice and secured an acceptable deal without going to tribunal and readily saleable.
Last Christmas we were contacted by Mr G Cox , who acquired a purpose-built apartment in St Helens in January 2000. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Identical homes in St Helens with a long lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced quarterly. The lease finished on 27 September 2086. Having 60 years remaining we approximated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 plus costs.
In 2011 we were contacted by Ms R Norbert who, having completed a one bedroom flat in St Helens in July 1996. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparable properties in St Helens with a long lease were valued around £255,000. The average amount of ground rent was £50 billed monthly. The lease came to a finish on 2 November 2097. Considering the 71 years outstanding we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.