With a long leasehold property in Ashton Under Lyne, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than eighty years remaining. Anyone in Ashton Under Lyne with a lease nearing 81 years remaining should seriously consider extending it as soon as possible. Once a lease has below 80 years left, under the relevant statute the freeholder is entitled to calculate and charge a greater premium, assessed on a technical computation, known as “marriage value” which is due.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Ashton Under Lyne can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer 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 in-depth market knowledge procuring Ashton Under Lyne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the freeholder of her two bedroom apartment in Ashton Under Lyne, Amelia started the lease extension process as the 80 year deadline was quickly coming. The lease extension was concluded in August 2013. The freeholder’s fees were kept to an absolute minimum.
Last May we were approach by Mr and Mrs. F Parker , who bought a first floor apartment in Ashton Under Lyne in March 2006. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparative properties in Ashton Under Lyne with a long lease were worth £256,600. The mid-range amount of ground rent was £60 collected per annum. The lease ended on 11 May 2078. Considering the 52 years unexpired we calculated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 plus costs.
In 2010 we were contacted by Mr D Williams who, having was assigned a lease of a garden flat in Ashton Under Lyne in April 2004. The question was if we could approximate the price would likely be to extend the lease by an additional years. Identical premises in Ashton Under Lyne with 100 year plus lease were valued around £218,000. The average amount of ground rent was £45 billed per annum. The lease ended on 25 April 2089. Having 63 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.