Audlem leases on domestic properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Audlem will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain cases you may not be entitled. There are also strict deadlines and steps to follow once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
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 any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Leeds Building Society | |
| Santander | |
| TSB |
Retaining our service will provide you better control over the value of your Audlem leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful discussions with the landlord of her purpose-built apartment in Audlem, Naomi initiated the lease extension process as the 80 year threshold was quickly nearing. The transaction was finalised in November 2011. The landlord’s costs were kept to an absolute minimum.
Last Spring we were contacted by Dr C Morgan , who purchased a ground floor flat in Audlem in July 2005. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Identical properties in Audlem with 100 year plus lease were worth £285,000. The average amount of ground rent was £55 billed every twelve months. The lease terminated on 6 September 2105. Having 79 years outstanding we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.
Last Christmas we were phoned by Mr and Mrs. S Flores , who took over the lease of a recently refurbished flat in Audlem in May 2007. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative premises in Audlem with an extended lease were worth £193,400. The mid-range amount of ground rent was £65 billed per annum. The lease came to a finish on 26 September 2085. Taking into account 59 years unexpired we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including costs.