Unfortunately that a Worsley residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Worsley property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. If the number of years remaining slips below 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Worsley will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Halifax | |
| TSB | |
| Virgin |
Retaining our service gives you increased control over the value of your Worsley leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of protracted discussions with the freeholder of her garden apartment in Worsley, Lydia started the lease extension process as the 80 year mark was rapidly coming. The lease extension was finalised in November 2007. The freeholder’s costs were restricted to less than 550 pounds.
Dr J Scott purchased a one bedroom apartment in Worsley in May 2012. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Identical premises in Worsley with an extended lease were worth £275,000. The mid-range ground rent payable was £65 billed yearly. The lease finished on 2 September 2094. Given that there were 68 years remaining we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.
Last Summer we were contacted by Dr G Baker , who was assigned a lease of a garden flat in Worsley in October 2006. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Comparable homes in Worsley with an extended lease were valued about £208,600. The mid-range ground rent payable was £60 collected monthly. The lease expired on 8 July 2083. Having 57 years unexpired we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including professional charges.