When it comes to domestic leasehold premises in Altrincham, you effectively rent it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially once there are fewer than 80 years remaining. Leasehold owners in Altrincham with a lease drawing near to 81 years remaining should seriously think of extending it without delay. Once a lease has below 80 years outstanding, under the current statute the landlord can calculate and levy a greater premium, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank | |
| TSB |
Lease extensions in Altrincham can be a difficult process. We recommend you obtain guidance 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 Altrincham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jude owned a conversion flat in Altrincham being marketed with a lease of fraction over 72 years remaining. Jude informally contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jude to invoke his statutory right. Jude procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
In 2012 we were e-mailed by Mr and Mrs. Y Roberts who, having took over the lease of a garden flat in Altrincham in January 2003. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Altrincham with 100 year plus lease were valued around £166,800. The mid-range amount of ground rent was £50 collected every twelve months. The lease ran out on 25 August 2076. Taking into account 50 years left we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 plus costs.
Last month we were phoned by Ms Mollie Harris , who owned a basement flat in Altrincham in May 1995. The question was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Similar flats in Altrincham with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £45 collected yearly. The lease lapsed in 2096. Considering the 70 years left we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.