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Top reasons for Wallasey lease extension


Main reasons to start your Wallasey lease extension today:

A Wallasey lease depreciates with the years remaining on the lease.

The market value of a leasehold property in Wallasey depends on how long the lease has remaining. If it is near to or fewer than eighty years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is preferable to commence the lease extension process when the lease still has 82 years remaining so that a lease extension can be finalised prior to the 80 year cut off point. Statute enables Wallasey qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The reason of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Wallasey with in excess of 100 years left 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 maintenance charges justify it.

Banks and Building Societies may not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Wallasey with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Wallasey lease extensions?

Engaging our service will provide you increased control over the value of your Wallasey leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wallasey Lease Extension Case Summaries:

Toby, Wallasey, Merseyside,

Toby owned a studio flat in Wallasey being marketed with a lease of fraction over 59 years remaining. Toby informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Toby to exercise his statutory right. Toby obtained expert advice and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Wallasey case:

Last Winter we were approach by Mr Thomas Ricardo , who owned a one bedroom flat in Wallasey in January 1998. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative properties in Wallasey with 100 year plus lease were worth £206,200. The mid-range amount of ground rent was £60 invoiced yearly. The lease lapsed in 2077. Having 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 plus legals.

Wallasey case:

In 2012 we were called by Dr Omar Miller who, having took over the lease of a ground floor flat in Wallasey in July 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable residencies in Wallasey with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 invoiced per annum. The lease ran out on 1 October 2097. Considering the 76 years unexpired we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.