Unfortunately that a Wallasey residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Wallasey property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining drops under eighty years, you will then be required to pay 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 The majority of flat owners in Wallasey will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancer for the duration of the formalities.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB |
Lease extensions in Wallasey can be a difficult process. We recommend you get professional help from a conveyancer 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 procuring Wallasey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Owen owned a high value apartment in Wallasey on the market with a lease of fraction over 72 years unexpired. Owen on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Owen to exercise his statutory right. Owen procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Last January we were e-mailed by Ms B Taylor , who bought a one bedroom flat in Wallasey in June 2008. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative properties in Wallasey with a long lease were in the region of £267,600. The average amount of ground rent was £65 collected annually. The lease terminated in 2093. Considering the 67 years left we approximated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 plus costs.
In 2010 we were contacted by Mr and Mrs. B Thompson who, having completed a newly refurbished apartment in Wallasey in January 2008. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative flats in Wallasey with a long lease were worth £206,200. The mid-range amount of ground rent was £55 billed every twelve months. The lease came to a finish in 2082. Considering the 56 years outstanding we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of expenses.