Radcliffe leases on residential deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Radcliffe will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain situations you may not qualify. There are prescribed deadlines and procedures to follow once the process has started so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Radcliffe with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Radcliffe can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.
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 dealing with Radcliffe 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 Austin, came perilously close to the eighty-year threshold with the lease on his studio apartment in Radcliffe. Having bought his flat two decades ago, the lease term was of little relevance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Austin extended the lease at the eleventh hour last May. Austin and the freeholder via the management company subsequently agreed on an amount of £5,000 . If the lease had descended below 80 years, the premium would have become more costly by at least £1,150.
Last Winter we were e-mailed by Ms Jasmine François , who purchased a garden apartment in Radcliffe in June 2001. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Comparative premises in Radcliffe with an extended lease were in the region of £295,000. The average amount of ground rent was £45 collected quarterly. The lease finished in 2100. Considering the 74 years unexpired we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.
Last year we were contacted by Dr B White , who bought a studio apartment in Radcliffe in March 2012. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Similar homes in Radcliffe with 100 year plus lease were in the region of £243,000. The mid-range amount of ground rent was £65 invoiced annually. The lease came to a finish in 2089. Having 63 years as a residual term we calculated the premium to the landlord for the lease extension to be between £20,000 and £23,000 not including legals.