Ashton Under Lyne leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Ashton Under Lyne residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Ashton Under Lyne you must see if your lease has between seventy and 90 years remaining. There are good reasons why a Ashton Under Lyne leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay
Leasehold properties in Ashton Under Lyne with over 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 property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
The conveyancing solicitors that we work with handle Ashton Under Lyne lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Last Spring Stanley, came precariously near to the 80-year mark with the lease on his first floor flat in Ashton Under Lyne. Having bought his property twenty years ago, the length of the lease was of little concern. by good luck, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Stanley was able to extend his lease just ahead of time last April. Stanley and the freeholder via the management company subsequently settled on an amount of £5,000 . If he failed to meet the deadline, the figure would have escalated by a minimum £900.
Last April we were approach by Ms Elizabeth Rivera , who moved into a ground floor apartment in Ashton Under Lyne in September 2008. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable homes in Ashton Under Lyne with a long lease were worth £225,400. The average amount of ground rent was £45 invoiced per annum. The lease end date was in 2090. Having 64 years as a residual term we calculated the premium to the landlord to extend the lease to be within £16,200 and £18,600 plus costs.
Last year we were approach by Mr Jason Torres , who owned a first floor apartment in Ashton Under Lyne in March 2002. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Similar premises in Ashton Under Lyne with a long lease were worth £270,000. The mid-range ground rent payable was £55 invoiced per annum. The lease ran out in 2101. Taking into account 75 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.