Lymm leases on residential deteriorating in value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Lymm will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Lymm with in excess of 100 years remaining on the lease are sometimes regarded as a ‘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 reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Lymm can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 procuring Lymm lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
James owned a studio flat in Lymm on the market with a lease of just over 59 years left. James informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be due on a lease extension were James to exercise his statutory right. James procured expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the property.
Last Winter we were called by Dr Yasmin Richardson , who purchased a purpose-built flat in Lymm in April 2006. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparable flats in Lymm with a long lease were in the region of £242,600. The average ground rent payable was £45 invoiced per annum. The lease concluded on 18 September 2093. Having 67 years outstanding we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of fees.
In 2014 we were approached by Mr Ibrahim Wood who, having acquired a one bedroom apartment in Lymm in June 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Comparable properties in Lymm with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease ran out on 22 July 2104. Taking into account 78 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.