Wallasey leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Wallasey will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not qualify. There are prescribed timetables and formalities to follow once the process has started so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Wallasey can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 Wallasey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the freeholder of her one bedroom apartment in Wallasey, Laura initiated the lease extension process just as the lease was approaching the critical 80-year deadline. The lease extension completed in January 2010. The freeholder’s fees were kept to an absolute minimum.
Mrs Melissa Johnson owned a studio apartment in Wallasey in September 1996. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparative flats in Wallasey with 100 year plus lease were in the region of £223,400. The mid-range amount of ground rent was £60 collected quarterly. The lease ran out in 2085. Taking into account 59 years remaining we approximated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 plus costs.
Last Summer we were approach by Mr and Mrs. D Murphy , who completed a studio apartment in Wallasey in November 1997. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar properties in Wallasey with an extended lease were in the region of £205,000. The average amount of ground rent was £50 billed per annum. The lease expired on 24 October 2105. Considering the 79 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.