Todmorden leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher premium will be payable. Flat owners in Todmorden will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some cases you may not qualify. There are prescribed deadlines and procedures to follow once the process is initiated so it’s prudent to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Retaining our service will provide you enhanced control over the value of your Todmorden leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After protracted negotiations with the freeholder of her purpose-built flat in Todmorden, Katherine started the lease extension process just as her lease was nearing the critical 80-year deadline. The legal work was concluded in February 2008. The landlord’s charges were kept to an absolute minimum.
Last June we were e-mailed by Mr and Mrs. M Martinez , who bought a newly refurbished flat in Todmorden in March 1996. The dilemma was if we could approximate the price could be for a ninety year lease extension. Similar homes in Todmorden with a long lease were valued about £260,200. The mid-range amount of ground rent was £65 billed yearly. The lease ran out on 1 September 2092. Considering the 66 years unexpired we calculated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 plus legals.
Last year we were approach by Mr and Mrs. R Cox , who owned a studio apartment in Todmorden in March 1997. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical flats in Todmorden with 100 year plus lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed yearly. The lease lapsed on 9 November 2081. Having 55 years left we calculated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 plus costs.