As the the remaining lease term of a Radcliffe domestic lease lessens so does its value and therefore the value of your property. If the lease has, more than 100 years to run then this decrease may be negligible however there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. The majority of flat owners in Radcliffe will qualify for this right; nevertheless a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Radcliffe with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth 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 maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Radcliffe can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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.
Subsequent to unsuccessful discussions with the landlord of her one bedroom apartment in Radcliffe, Sarah started the lease extension process as the 80 year mark was fast coming. The legal work completed in November 2013. The landlord’s fees were kept to an absolute minimum.
In 2014 we were e-mailed by Ms K Morris who, having owned a basement apartment in Radcliffe in March 1996. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Similar flats in Radcliffe with a long lease were valued about £174,200. The average amount of ground rent was £55 billed annually. The lease elapsed in 2077. Taking into account 51 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus expenses.
Last Summer we were called by Mr and Mrs. I Robinson , who took over the lease of a purpose-built flat in Radcliffe in November 2005. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Comparative properties in Radcliffe with a long lease were worth £285,000. The mid-range amount of ground rent was £45 billed per annum. The lease ended in 2097. Considering the 71 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.