Walton Merseyside leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Walton Merseyside enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Walton Merseyside you must see if your lease has between 70 and 90 years remaining. There are good reasons why a Walton Merseyside flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Engaging our service will provide you increased control over the value of your Walton Merseyside leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful correspondence with the freeholder of her one bedroom apartment in Walton Merseyside, Kirsty commenced the lease extension process as the 80 year threshold was swiftly coming. The legal work completed in June 2010. The landlord’s fees were restricted to approximately 700 GBP.
Last Summer we were contacted by Mrs C Díaz , who moved into a ground floor flat in Walton Merseyside in July 2003. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Similar premises in Walton Merseyside with a long lease were valued about £256,600. The average ground rent payable was £60 billed every twelve months. The lease elapsed in 2077. Given that there were 52 years left we estimated the compensation to the freeholder for the lease extension to be within £41,800 and £48,400 plus professional charges.
Mr and Mrs. R Phillips was assigned a lease of a one bedroom flat in Walton Merseyside in March 1999. We are asked if we could estimate the price could be for a ninety year lease extension. Comparative flats in Walton Merseyside with a long lease were worth £218,000. The average amount of ground rent was £45 billed quarterly. The lease terminated on 24 March 2088. Having 63 years left we estimated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 not including costs.