For anyone whose Prescot home is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension.
Leasehold properties in Prescot with in excess of one hundred years left 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 purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Prescot can be a difficult process. We recommend you obtain professional help from a conveyancer 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 Prescot lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oscar was the the leasehold proprietor of a high value flat in Prescot on the market with a lease of fraction over 72 years remaining. Oscar on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Oscar to exercise his statutory right. Oscar procured expert advice and secured an acceptable deal informally and readily saleable.
Last Winter we were e-mailed by Dr Samuel Rogers , who took over the lease of a garden flat in Prescot in November 2009. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Identical residencies in Prescot with 100 year plus lease were worth £208,600. The mid-range amount of ground rent was £60 invoiced annually. The lease ended in 2083. Given that there were 57 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of legals.
Last month we were contacted by Mr and Mrs. R Rose , who owned a basement flat in Prescot in February 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar residencies in Prescot with 100 year plus lease were in the region of £200,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease expiry date was in 2103. Taking into account 77 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including fees.