There is no doubt about it a leasehold flat or house in Accrington is a wasting asset as a result of the diminishing lease term. If the residual term has, over 100 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Accrington will meet the qualifying criteria; however a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold premises in Accrington with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Virgin |
Lease extensions in Accrington can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Accrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ben was the the leasehold proprietor of a conversion flat in Accrington being sold with a lease of a little over fifty eight years outstanding. Ben on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Ben to invoke his statutory right. Ben obtained expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.
In 2011 we were approached by Dr Finley Morgan who, having completed a purpose-built flat in Accrington in May 1996. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparable properties in Accrington with 100 year plus lease were worth £237,600. The average amount of ground rent was £45 billed quarterly. The lease finished in 2093. Taking into account 67 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus expenses.
Last Winter we were called by Mrs Holly Thomas , who completed a recently refurbished apartment in Accrington in June 1998. The question was if we could approximate the premium would be to prolong the lease by ninety years. Similar residencies in Accrington with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed monthly. The lease terminated on 1 July 2104. Considering the 78 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus costs.