Wavertree leases on residential properties are gradually losing 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. Legislation has been in place for sometime now which permits qualifying Wavertree residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Wavertree you really ought to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
Leasehold properties in Wavertree with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax |
Lease extensions in Wavertree can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.
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 a wealth of experience dealing with Wavertree lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Omar, started to get near to the eighty-year threshold with the lease on his purpose- built apartment in Wavertree. In buying his home 19 years previously, the length of the lease was of little importance. by good luck, he noticed he needed to take action soon on Extending the lease. Omar was able to extend his lease just in the nick of time in June. Omar and the landlord in the end agreed on an amount of £5,000 . If he not met the deadline, the sum would have become more costly by at least £1,100.
In 2014 we were phoned by Mr Milo Garcia who, having acquired a purpose-built flat in Wavertree in May 2011. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Identical premises in Wavertree with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected quarterly. The lease concluded in 2103. Given that there were 77 years left we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.
Last June we were called by Mr Elijah Jackson , who bought a ground floor flat in Wavertree in July 2005. The question was if we could approximate the price would likely be to extend the lease by ninety years. Identical residencies in Wavertree with 100 year plus lease were valued around £260,200. The mid-range amount of ground rent was £65 billed annually. The lease elapsed on 6 April 2092. Given that there were 66 years as a residual term we approximated the premium to the landlord for the lease extension to be between £16,200 and £18,600 exclusive of legals.