Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Huyton. Inevitably, the term of lease left reduces over time. This is often ignored and only becomes a problem when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Huyton have the right to extend the lease for a further 90 years in accordance with legislation. Please give careful consideration before putting off your Huyton lease extension. Holding off the cost now likely increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Huyton,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Huyton valuers.
Following lengthy correspondence with the landlord of her purpose-built flat in Huyton, Robyn commenced the lease extension process as the 80 year deadline was quickly advancing. The lease extension completed in October 2010. The freeholder’s costs were negotiated to under 650 pounds.
Last Winter we were phoned by Ms Gemma Pérez , who owned a garden apartment in Huyton in March 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar premises in Huyton with a long lease were valued about £171,800. The average ground rent payable was £55 invoiced monthly. The lease came to a finish in 2075. Given that there were 50 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus legals.
Last Winter we were called by Ms N Sharif , who completed a one bedroom flat in Huyton in April 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical properties in Huyton with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed yearly. The lease expired on 16 November 2095. Taking into account 70 years remaining we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.