When it comes to residential leasehold premises in Audlem, you are in fact renting it for a certain amount 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 long period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than 80 years remaining. Residents in Audlem with a lease drawing near to 81 years remaining should seriously consider extending it sooner than later. When a lease has below 80 years outstanding, under the current Act the freeholder is entitled to calculate and demand a greater premium, based on a technical multiplication, known as “marriage value” which is due.
Leasehold properties in Audlem with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Audlem,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Audlem valuers.
In the wake of 6 months of protracted correspondence with the freeholder of her ground floor apartment in Audlem, Alice commenced the lease extension process as the 80 year mark was rapidly advancing. The transaction completed in March 2008. The landlord’s costs were negotiated to below 700 GBP.
Last Summer we were e-mailed by Mr F González , who moved into a basement apartment in Audlem in September 2009. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical homes in Audlem with an extended lease were in the region of £215,600. The average ground rent payable was £45 collected monthly. The lease concluded in 2087. Given that there were 62 years remaining we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of professional charges.
Mr Cameron Edwards bought a garden flat in Audlem in April 2000. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Similar residencies in Audlem with a long lease were worth £265,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease lapsed on 5 January 2098. Having 73 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.