It’s an underpublicised certainty that a Timperley residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Timperley property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. If lease term falls below 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Timperley will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer throughout the process.
Leasehold properties in Timperley with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Skipton Building Society |
The conveyancers that we work with undertake Timperley 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 conveyancer we work with provide it.
Subsequent to lengthy discussions with the landlord of her studio apartment in Timperley, Isabelle initiated the lease extension process just as her lease was nearing the all-important 80-year threshold. The legal work completed in April 2005. The landlord’s fees were negotiated to a tad over 550 GBP.
Last Christmas we were called by Mr A Moreau , who took over the lease of a purpose-built apartment in Timperley in August 1999. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Similar premises in Timperley with 100 year plus lease were worth £243,000. The average amount of ground rent was £65 invoiced yearly. The lease finished on 11 June 2089. Considering the 63 years outstanding we approximated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including fees.
In 2014 we were contacted by Dr D James who, having bought a basement flat in Timperley in January 2011. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Timperley with a long lease were valued about £181,600. The mid-range ground rent payable was £55 invoiced quarterly. The lease ran out on 14 June 2078. Considering the 52 years remaining we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including fees.