When it comes to long leasehold premises in Radcliffe, you are actually purchasing a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than eighty years remaining. Residents in Radcliffe with a lease nearing 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has fewer than eighty years remaining, under the relevant statute the landlord can calculate and levy a larger premium, based on a technical computation, known as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Godiva Mortgages | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Radcliffe can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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 a wealth of experience procuring Radcliffe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Finn owned a 2 bedroom apartment in Radcliffe being marketed with a lease of fraction over sixty years left. Finn on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Finn to exercise his statutory right. Finn procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.
Mr and Mrs. W Sharif completed a newly refurbished apartment in Radcliffe in September 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative properties in Radcliffe with an extended lease were worth £240,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease concluded in 2088. Taking into account 62 years remaining we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of expenses.
Dr T Allen bought a purpose-built flat in Radcliffe in April 1996. The question was if we could estimate the premium would likely be for a ninety year lease extension. Identical homes in Radcliffe with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 collected every twelve months. The lease terminated on 1 July 2077. Taking into account 51 years outstanding we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of costs.