Crewe leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Crewe enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Crewe you must see if your lease has between 70 and ninety years left. There are compelling reasons why a Crewe flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is put in place without delay
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a landlord in Crewe,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Crewe valuers.
In 2014 Max, started to get near to the eighty-year mark with the lease on his leasehold flat in Crewe. In buying his home two decades ago, the unexpired term was of little significance. Thankfully, it dawned on him that he needed to take steps soon on Extending the lease. Max arranged for a lease extension just in the nick of time in July. Max and the freeholder via the management company subsequently agreed on the final figure of £6,000 . If the lease had slipped lower than eighty years, the sum would have escalated by at least £1,000.
Last Spring we were phoned by Mr and Mrs. S Brooks , who bought a one bedroom flat in Crewe in August 2001. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Crewe with an extended lease were worth £275,000. The mid-range ground rent payable was £45 invoiced annually. The lease ran out in 2095. Given that there were 69 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.
In 2014 we were called by Dr W Ricardo who, having owned a garden flat in Crewe in February 2008. We are asked if we could approximate the price could be to extend the lease by 90 years. Comparable premises in Crewe with 100 year plus lease were worth £216,000. The mid-range amount of ground rent was £60 billed annually. The lease terminated on 2 March 2084. Having 58 years unexpired we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus legals.