Thornton Cleveleys leases on residential deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Thornton Cleveleys will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and steps to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Thornton Cleveleys with in excess of 100 years remaining on the lease are sometimes 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 estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| National Westminster Bank | |
| The Mortgage Works | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with undertake Thornton Cleveleys lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
After unsuccessful correspondence with the landlord of her one bedroom apartment in Thornton Cleveleys, Bethany commenced the lease extension process just as the lease was coming close to the crucial 80-year threshold. The lease extension completed in March 2006. The freeholder’s fees were restricted to below 550 GBP.
Last Summer we were contacted by Dr Olivia François , who acquired a first floor apartment in Thornton Cleveleys in May 2003. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical flats in Thornton Cleveleys with an extended lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease came to a finish in 2102. Having 76 years as a residual term we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.
In 2009 we were approached by Mr and Mrs. R Smith who, having completed a garden flat in Thornton Cleveleys in August 1997. The question was if we could approximate the premium would likely be to prolong the lease by ninety years. Similar residencies in Thornton Cleveleys with 100 year plus lease were worth £176,200. The average amount of ground rent was £65 billed annually. The lease lapsed in 2082. Considering the 56 years left we approximated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 not including fees.