Alderley Edge and Wilmslow leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease falls lower than 80 years - otherwise a higher premium will be payable. Leasehold owners in Alderley Edge and Wilmslow will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some situations you may not qualify. There are prescribed timetables and formalities to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold properties in Alderley Edge and Wilmslow with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| Santander | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Alderley Edge and Wilmslow,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Alderley Edge and Wilmslow valuers.
Two years ago Archie, came perilously close to the 80-year threshold with the lease on his first floor flat in Alderley Edge and Wilmslow. Having bought his property two decades ago, the length of the lease was of no relevance. Thankfully, he realised he needed to take steps soon on Extending the lease. Archie arranged for a lease extension just ahead of time in June. Archie and the freeholder via the management company ultimately settled on a premium of £5,000 . If the lease had slid to less than 80 years, the price would have become more exhorbitant by at least £1,125.
In 2013 we were contacted by Ms Natalie Smith who, having took over the lease of a one bedroom apartment in Alderley Edge and Wilmslow in March 2000. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical homes in Alderley Edge and Wilmslow with 100 year plus lease were in the region of £171,800. The mid-range amount of ground rent was £55 invoiced yearly. The lease concluded on 4 February 2076. Considering the 50 years unexpired we approximated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus expenses.
Dr Aiden Pérez took over the lease of a garden apartment in Alderley Edge and Wilmslow in February 2001. The question was if we could estimate the premium could be for a ninety year lease extension. Comparative flats in Alderley Edge and Wilmslow with 100 year plus lease were worth £280,000. The average ground rent payable was £45 collected annually. The lease concluded in 2096. Having 70 years left we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.