There is no doubt about it a leasehold flat or house in Ashton In Makerfield is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty 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 consider extending sooner than later. Most flat owners in Ashton In Makerfield will qualify for this right; that being said a conveyancing solicitor can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Ashton In Makerfield,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ashton In Makerfield valuers.
Connor was the the leasehold owner of a high value apartment in Ashton In Makerfield being marketed with a lease of a little over sixty years left. Connor on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Connor to exercise his statutory right. Connor procured expert legal guidance and secured an acceptable resolution informally and readily saleable.
Mr and Mrs. U Hernández purchased a studio flat in Ashton In Makerfield in November 2000. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar flats in Ashton In Makerfield with a long lease were valued about £246,800. The average ground rent payable was £60 invoiced monthly. The lease concluded in 2076. Taking into account 50 years outstanding we estimated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 plus legals.
In 2009 we were contacted by Mrs Paige Ward who, having took over the lease of a garden apartment in Ashton In Makerfield in November 2012. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparable properties in Ashton In Makerfield with an extended lease were in the region of £208,200. The average amount of ground rent was £65 collected quarterly. The lease came to a finish on 19 August 2087. Taking into account 61 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 not including professional charges.