Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Widnes. Clearly, the term of lease left shortens over time. This is often ignored and only raises itself as an issue when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Eligible long lease owners in Widnes have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Do give careful deliberation before putting off your Widnes lease extension. Holding off that expense now likely increases the price you will ultimately incur for a lease extension
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The conveyancers that we work with procure Widnes lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Seth was the the leasehold owner of a conversion apartment in Widnes on the market with a lease of fraction over fifty eight years remaining. Seth on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Mr K Bell acquired a basement apartment in Widnes in August 2011. We are asked if we could estimate the price could be to extend the lease by 90 years. Identical homes in Widnes with a long lease were worth £176,200. The mid-range ground rent payable was £65 billed per annum. The lease elapsed in 2082. Taking into account 56 years left we calculated the premium to the landlord for the lease extension to be between £29,500 and £34,000 not including fees.
In 2014 we were phoned by Mrs M Mason who, having took over the lease of a one bedroom apartment in Widnes in March 1999. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Identical homes in Widnes with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 billed annually. The lease finished in 2093. Given that there were 67 years outstanding we calculated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of fees.