With a long leasehold premises in Lymm, you are actually buying an entitlement to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially once there are less than eighty years remaining. Anyone in Lymm with a lease nearing 81 years left should seriously consider extending it as soon as possible. Once the lease term has under eighty years left, under the relevant Act the freeholder can calculate and demand a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold residencies in Lymm with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin |
Lease extensions in Lymm can be a difficult process. We recommend you obtain professional help from a lawyer 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 Lymm lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Alex, started to get close to the 80-year mark with the lease on his two bedroom apartment in Lymm. Having purchased his property twenty years ago, the length of the lease was of little bearing. Fortunately, he became aware that he needed to take action soon on Extending the lease. Alex extended the lease just under the wire last June. Alex and the freeholder via the managing agents eventually settled on a premium of £6,000 . If he had missed the deadline, the premium would have become more exhorbitant by at least £1,150.
In 2009 we were called by Dr G Wright who, having bought a ground floor flat in Lymm in March 2008. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Lymm with an extended lease were worth £193,400. The mid-range ground rent payable was £65 invoiced quarterly. The lease expiry date was in 2085. Given that there were 59 years unexpired we approximated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including fees.
In 2010 we were e-mailed by Mr and Mrs. F Cook who, having completed a one bedroom flat in Lymm in March 2007. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Similar residencies in Lymm with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected quarterly. The lease lapsed on 20 November 2096. Given that there were 70 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.