Huyton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Huyton tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Huyton you must see if your lease has between seventy and 90 years remaining. There are good reasons why a Huyton leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Retaining our service will provide you better control over the value of your Huyton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of lengthy discussions with the landlord of her basement apartment in Huyton, Courtney started the lease extension process as the 80 year mark was rapidly coming. The legal work was concluded in January 2005. The landlord’s fees were kept to an absolute minimum.
In 2014 we were approached by Dr Riley Jones who, having was assigned a lease of a purpose-built flat in Huyton in June 2004. The question was if we could estimate the price would be to prolong the lease by an additional years. Similar flats in Huyton with 100 year plus lease were in the region of £265,200. The average ground rent payable was £65 billed monthly. The lease expired in 2092. Considering the 66 years unexpired we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 plus costs.
Last Christmas we were e-mailed by Mr and Mrs. S Scott , who purchased a first floor flat in Huyton in July 1995. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Identical properties in Huyton with a long lease were valued around £198,800. The mid-range amount of ground rent was £55 billed annually. The lease expired on 25 October 2081. Given that there were 55 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of fees.