Crewe leases on domestic properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Crewe will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some circumstances you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin |
Engaging our service will provide you increased control over the value of your Crewe leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Felix was the the leasehold owner of a high value flat in Crewe being marketed with a lease of a few days over fifty eight years unexpired. Felix on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Felix to exercise his statutory right. Felix obtained expert advice and was able to make an informed judgement and handle with the matter and sell the flat.
Dr U Jones moved into a recently refurbished apartment in Crewe in June 2007. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Crewe with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease terminated in 2099. Given that there were 73 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.
Mr and Mrs. Y Ricardo owned a basement flat in Crewe in September 1996. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Comparable premises in Crewe with an extended lease were in the region of £240,600. The average amount of ground rent was £60 billed yearly. The lease concluded in 2088. Given that there were 62 years outstanding we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 not including costs.