The only way is down when it comes to Wallasey lease terms. Wallasey properties that have a residual term less than than 80 years will drop in market price at a rapid rate, and the cost to extend your lease will increase.
Leasehold premises in Wallasey with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service will provide you better control over the value of your Wallasey leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Daniel, started to get close to the 80-year threshold with the lease on his ground floor apartment in Wallasey. Having bought his flat two decades ago, the unexpired term was of minimal bearing. As luck would have it, he realised he would soon be paying an escalated premium for a lease extension. Daniel was able to extend his lease just in the nick of time last September. Daniel and the freeholder ultimately agreed on a premium of £5,000 . If the lease had gone to less than eighty years, the sum would have gone up by at least £1,050.
In 2011 we were called by Dr Chloe Lefèvre who, having completed a ground floor flat in Wallasey in September 2010. We are asked if we could approximate the premium would be to extend the lease by an additional years. Comparable premises in Wallasey with an extended lease were worth £295,000. The average ground rent payable was £45 invoiced per annum. The lease expired on 26 June 2100. Considering the 74 years left we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.
Last Spring we were phoned by Mrs Leah Michel , who was assigned a lease of a garden apartment in Wallasey in February 2012. The question was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Similar homes in Wallasey with 100 year plus lease were in the region of £243,000. The average ground rent payable was £65 billed per annum. The lease elapsed on 4 May 2089. Having 63 years outstanding we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 not including costs.