Chances are that if you own a flat in Huyton you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Huyton can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in this area.
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 in-depth market knowledge dealing with Huyton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of unsuccessful discussions with the landlord of her two bedroom flat in Huyton, Georgia started the lease extension process as the 80 year deadline was quickly nearing. The lease extension was concluded in April 2014. The freeholder’s costs were restricted to below 450 pounds.
Last October we were phoned by Mr and Mrs. K Wood , who moved into a purpose-built apartment in Huyton in June 2007. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Comparable flats in Huyton with an extended lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced annually. The lease ran out in 2093. Considering the 67 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 plus professional charges.
Last Winter we were e-mailed by Dr M Roberts , who moved into a newly refurbished apartment in Huyton in February 2001. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar properties in Huyton with an extended lease were in the region of £206,200. The average ground rent payable was £60 billed monthly. The lease expired in 2082. Given that there were 56 years remaining we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of fees.