Top reasons for Audlem lease extension

Main reasons to start your Audlem lease extension today:

Increase your lease and increase your Audlem property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Audlem. Inevitably, the length of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the property needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Audlem have the legal entitlement to extend the lease for an additional 90 years under statute. Do give due consideration before putting off your Audlem lease extension. Holding off the cost now only increases the price you will ultimately have to pay to extend your lease

Audlem property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years outstanding on the lease; others may be willing to lend with anything in excess 70 years. With less than 60 years, it may be problematic to obtain a mortgage in the first place.

What makes us experts in Audlem lease extensions?

Regardless of whether you are a tenant or a landlord in Audlem,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Audlem valuers.

Audlem Lease Extension Case Summaries:

Lewis, Audlem, Cheshire

Last October Lewis, started to get near to the 80-year mark with the lease on his ground floor flat in Audlem. In buying his home two decades ago, the unexpired term was of minimal significance. Thankfully, he realised he needed to take action soon on Extending the lease. Lewis extended the lease at the eleventh hour in June. Lewis and the landlord eventually settled on the final figure of £5,500 . If he had missed the deadline, the amount would have become more exhorbitant by at least £975.

Audlem case:

Last Spring we were e-mailed by Ms Y Anderson , who purchased a purpose-built apartment in Audlem in October 2007. We are asked if we could approximate the price would be to extend the lease by an additional years. Similar homes in Audlem with 100 year plus lease were valued around £218,000. The average amount of ground rent was £45 billed annually. The lease ran out on 22 January 2089. Given that there were 63 years left we calculated the premium to the landlord for the lease extension to be within £17,100 and £19,800 not including legals.

Audlem case:

Last Christmas we were approach by Dr Eleanor Parker , who was assigned a lease of a purpose-built flat in Audlem in May 2004. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical properties in Audlem with a long lease were valued about £270,000. The average ground rent payable was £55 invoiced monthly. The lease elapsed on 6 March 2100. Taking into account 74 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.