For those whose Widnes home is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.
It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Retaining our service gives you better control over the value of your Widnes leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Evan was the the leasehold proprietor of a high value apartment in Widnes being marketed with a lease of fraction over sixty years outstanding. Evan informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Evan to invoke his statutory right. Evan procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
Dr Cameron Vincent was assigned a lease of a ground floor flat in Widnes in January 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable residencies in Widnes with an extended lease were worth £270,000. The mid-range ground rent payable was £55 billed monthly. The lease concluded in 2101. Taking into account 75 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.
Dr Y Nelson purchased a garden flat in Widnes in April 2001. The question was if we could estimate the premium could be to extend the lease by an additional years. Similar homes in Widnes with an extended lease were valued around £173,800. The average ground rent payable was £60 collected monthly. The lease ran out in 2081. Considering the 55 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.