With a long leasehold property in Wallasey, you are actually buying a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are less than 80 years left. Leasehold owners in Wallasey with a lease drawing near to 81 years left should seriously think of extending it without delay. When the lease term has fewer than 80 years remaining, under the relevant Act the landlord can calculate and charge a greater amount, based on a technical calculation, known as “marriage value” which is due.
Leasehold premises in Wallasey with in excess of 100 years remaining on the lease are often 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 freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Yorkshire Building Society |
Lease extensions in Wallasey can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Wallasey 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 Rory, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Wallasey. Having bought his flat two decades ago, the lease term was of minimal importance. Thankfully, he realised he would imminently be paying way over the odds for Extending the lease. Rory was able to extend his lease just under the wire in January. Rory and the landlord in the end settled on an amount of £5,000 . If the lease had dropped below 80 years, the price would have become more exhorbitant by at least £1,150.
Mrs Anna Pérez was assigned a lease of a garden flat in Wallasey in March 2004. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparative flats in Wallasey with 100 year plus lease were in the region of £205,000. The average amount of ground rent was £50 collected annually. The lease terminated on 14 July 2105. Given that there were 79 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
In 2011 we were contacted by Mr and Mrs. A Parker who, having bought a purpose-built flat in Wallasey in May 2006. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative residencies in Wallasey with a long lease were worth £275,000. The mid-range ground rent payable was £65 collected per annum. The lease lapsed in 2094. Taking into account 68 years left we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including costs.