Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Baguley. Inevitably, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the property needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Baguley have the right to extend the lease for a further ninety years under statute. Do give careful consideration before delaying your Baguley lease extension. Holding off that expense now only increases the price you will ultimately incur to extend your lease
It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Santander | |
| TSB | |
| The Mortgage Works |
Retaining our service gives you enhanced control over the value of your Baguley leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful correspondence with the landlord of her leasehold apartment in Baguley, Catherine started the lease extension process just as her lease was coming close to the crucial 80-year deadline. The transaction completed in September 2014. The freeholder’s costs were restricted to less than 650 pounds.
Mr U Khan acquired a recently refurbished flat in Baguley in July 1996. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparable residencies in Baguley with an extended lease were worth £201,200. The mid-range amount of ground rent was £55 billed monthly. The lease finished in 2082. Taking into account 56 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus expenses.
In 2011 we were approached by Mr and Mrs. K Evans who, having owned a first floor apartment in Baguley in October 2010. The question was if we could approximate the premium would likely be for a 90 year lease extension. Comparable properties in Baguley with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 collected monthly. The lease expiry date was in 2102. Given that there were 76 years remaining we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.