The market value of a leasehold property in Walton Le Dale depends on how long the lease has left to run. If it is close to or fewer than eighty years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension prior to purchasing. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that formalities can be finalised well before the 80 year threshold. Statute enables Walton Le Dale qualifying lessees to an additional term of ninety years in addition to the unexpired term, at a notional rent (zero ground rent). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same 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 many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Royal Bank of Scotland |
Lease extensions in Walton Le Dale can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in lease extensions.
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 Walton Le Dale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Ben, came seriously near to the eighty-year threshold with the lease on his ground floor flat in Walton Le Dale. In buying his flat 18 years ago, the length of the lease was of minimal importance. Luckily, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Ben arranged for a lease extension just in the nick of time in January. Ben and the freeholder via the management company eventually agreed on sum of £5,000 . If he not met the deadline, the figure would have become more exhorbitant by at least £925.
Mr and Mrs. N White completed a purpose-built apartment in Walton Le Dale in January 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Identical premises in Walton Le Dale with an extended lease were in the region of £171,800. The average ground rent payable was £55 invoiced annually. The lease finished in 2076. Taking into account 50 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 not including fees.
Mr F Nguyen was assigned a lease of a purpose-built apartment in Walton Le Dale in October 2005. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Comparable properties in Walton Le Dale with an extended lease were valued about £280,000. The average amount of ground rent was £45 billed annually. The lease came to a finish in 2096. Taking into account 70 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.