Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Ashton. Clearly, the period of lease left reduces over time. This may slip by relatively unnoticed when the residence needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Ashton have the legal entitlement to extend the lease for a further ninety years under legislation. Please give due deliberation before delaying your Ashton lease extension. Putting off the cost now simply increases the price you will ultimately incur to extend your lease
Leasehold properties in Ashton with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Ashton can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.
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 a wealth of experience procuring Ashton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joseph owned a studio apartment in Ashton on the market with a lease of fraction over fifty eight years unexpired. Joseph informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Joseph to invoke his statutory right. Joseph procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Last September we were phoned by Ms Sarah Taylor , who owned a garden apartment in Ashton in June 1999. The question was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative residencies in Ashton with a long lease were valued about £285,000. The mid-range ground rent payable was £55 collected monthly. The lease elapsed on 3 April 2105. Considering the 79 years outstanding we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.
In 2011 we were approached by Mrs K Mercier who, having purchased a one bedroom apartment in Ashton in March 2001. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Identical homes in Ashton with an extended lease were in the region of £193,400. The average ground rent payable was £65 billed quarterly. The lease ended in 2085. Given that there were 59 years left we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus costs.