Wallasey leases on domestic deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. Flat owners in Wallasey will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some situations you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Wallasey,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wallasey valuers.
Off the back of unsuccessful discussions with the freeholder of her garden flat in Wallasey, Amy initiated the lease extension process as the 80 year threshold was quickly coming. The lease extension was concluded in April 2012. The landlord’s fees were kept to an absolute minimum.
Dr Freddie Bernard took over the lease of a one bedroom apartment in Wallasey in April 1997. The question was if we could approximate the price would be to prolong the lease by an additional years. Identical residencies in Wallasey with an extended lease were in the region of £225,800. The average ground rent payable was £60 collected yearly. The lease ran out on 12 April 2086. Given that there were 60 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 plus professional charges.
Ms Isabella Howard acquired a basement flat in Wallasey in January 2004. The question was if we could estimate the premium would be to prolong the lease by 90 years. Comparative premises in Wallasey with a long lease were valued around £210,000. The mid-range ground rent payable was £50 billed quarterly. The lease elapsed in 2106. Given that there were 80 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.