The re-sale value of a leasehold property in Walton Merseyside is impacted by how long the lease has left to run. If it is near to or less than 80 years you should anticipate difficulties on re-sale, so it is advisable to arrange for a lease extension before buying. Ideally one should start the process of extending the lease is when a lease still has 82 years to run so that formalities can be finalised well before the 80 year mark. Statute entitles Walton Merseyside qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a supplemental term of 90 years. The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Walton Merseyside can be a difficult process. We recommend you secure 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 Walton Merseyside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn David, came very near to the 80-year mark with the lease on his basement flat in Walton Merseyside. In buying his property two decades ago, the unexpired term was of little relevance. by good luck, he realised he needed to take action soon on Extending the lease. David arranged for a lease extension just under the wire in March. David and the landlord in the end settled on a premium of £5,500 . If he had missed the deadline, the figure would have gone up by at least £1,025.
In 2013 we were e-mailed by Mrs I Ricardo who, having took over the lease of a one bedroom flat in Walton Merseyside in August 1997. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Identical flats in Walton Merseyside with an extended lease were worth £255,000. The average ground rent payable was £50 collected yearly. The lease terminated in 2096. Considering the 71 years left we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.
Dr Erin Anderson bought a one bedroom apartment in Walton Merseyside in November 2001. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable flats in Walton Merseyside with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 collected annually. The lease expiry date was in 2076. Taking into account 51 years outstanding we approximated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 not including professional charges.