Top reasons for Audlem lease extension

Why you should start your Audlem lease extension today:

A Audlem lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Audlem is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. The majority of flat owners in Audlem will qualify for this right; however a conveyancer can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Audlem property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to grant a mortgage with a short lease

The propensity since the credit crunch has been for lenders to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Audlem lease extensions?

Lease extensions in Audlem can be a difficult process. We recommend you obtain professional help 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 a wealth of experience procuring Audlem lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Audlem Lease Extension Case Summaries:

Jessica, Audlem, Cheshire,

Subsequent to unsuccessful correspondence with the freeholder of her garden flat in Audlem, Jessica started the lease extension process as the 80 year threshold was swiftly nearing. The lease extension completed in October 2007. The landlord’s costs were kept to an absolute minimum.

Audlem case:

Mr and Mrs. T Hernández purchased a purpose-built apartment in Audlem in November 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Identical flats in Audlem with a long lease were worth £260,000. The mid-range ground rent payable was £50 invoiced per annum. The lease elapsed on 21 August 2097. Having 71 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.

Audlem case:

Ms Erin Mercier moved into a purpose-built flat in Audlem in June 1997. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable premises in Audlem with a long lease were valued about £254,200. The average ground rent payable was £60 billed annually. The lease terminated on 23 June 2077. Given that there were 51 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £43,700 and £50,600 not including professional charges.