The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Woolton may extend the lease for a further 90 years in accordance with statute. Please give careful consideration before delaying your Woolton lease extension. Postponing that expense now simply escalates the amount you will ultimately be required to pay to extend the lease.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Skipton Building Society |
Regardless of whether you are a tenant or a landlord in Woolton,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Woolton valuers.
Elijah was the the leasehold owner of a conversion apartment in Woolton being marketed with a lease of just over 59 years unexpired. Elijah on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Last Autumn we were approach by Mr and Mrs. V Ramírez , who acquired a first floor apartment in Woolton in March 1996. We are asked if we could approximate the price would likely be for a 90 year lease extension. Similar premises in Woolton with an extended lease were in the region of £189,000. The average ground rent payable was £55 collected every twelve months. The lease ended in 2079. Having 53 years unexpired we estimated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus fees.
Last May we were contacted by Dr R Wilson , who took over the lease of a garden flat in Woolton in May 2006. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable residencies in Woolton with an extended lease were valued around £290,000. The average ground rent payable was £45 invoiced yearly. The lease end date was in 2100. Taking into account 74 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.