There is no doubt about it a leasehold property in Middlewich is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of one hundred years remaining then this decrease may be negligible however 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 termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner rather than later. The majority of flat owners in Middlewich will meet the qualifying criteria; however a conveyancer should be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| Santander |
Using our service will provide you increased control over the value of your Middlewich leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Caleb was the the leasehold proprietor of a studio apartment in Middlewich on the market with a lease of fraction over 72 years unexpired. Caleb on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
In 2012 we were phoned by Mr Thomas Flores who, having owned a one bedroom apartment in Middlewich in October 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Similar properties in Middlewich with 100 year plus lease were valued around £218,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease concluded in 2089. Having 63 years unexpired we calculated the premium to the landlord for the lease extension to be within £17,100 and £19,800 plus expenses.
Last Christmas we were called by Dr Kayleigh Vincent , who completed a first floor apartment in Middlewich in March 2009. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Comparable residencies in Middlewich with a long lease were worth £265,000. The average amount of ground rent was £55 billed yearly. The lease expired in 2100. Taking into account 74 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.