Middlewich leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Middlewich tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Middlewich you should see if your lease has between seventy and ninety years left. There are good reasons why a Middlewich flat owner with a lease having around eighty years left should take action to ensure that a lease extension is effected without delay
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Middlewich can be a difficult process. We recommend you obtain professional help from a lawyer and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Middlewich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Lewis, came seriously close to the 80-year threshold with the lease on his basement flat in Middlewich. In buying his flat two decades ago, the unexpired term was of little concern. Fortunately, he noticed he needed to take action soon on a lease extension. Lewis extended the lease just ahead of time last May. Lewis and the freeholder ultimately agreed on an amount of £6,000 . If the lease had slipped to less than eighty years, the sum would have escalated by at least £900.
Dr Courtney Mercier took over the lease of a first floor flat in Middlewich in April 1999. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparable properties in Middlewich with an extended lease were in the region of £255,000. The average amount of ground rent was £50 billed monthly. The lease ended on 5 May 2097. Considering the 71 years unexpired we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.
Last Autumn we were called by Mr P Martínez , who was assigned a lease of a purpose-built flat in Middlewich in February 2002. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Similar residencies in Middlewich with a long lease were worth £254,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease ran out in 2077. Given that there were 51 years unexpired we estimated the premium to the landlord for the lease extension to be within £43,700 and £50,600 exclusive of expenses.