The only way is down when it comes to Ashton Under Lyne lease terms. Ashton Under Lyne properties that have a lease term lower than 80 years will reduce in value even faster, and the cost to extend your lease will go up.
Leasehold residencies in Ashton Under Lyne with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Regardless of whether you are a tenant or a freeholder in Ashton Under Lyne,the lease extension solicitors 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 Under Lyne valuers.
Caleb was the the leasehold owner of a 2 bedroom flat in Ashton Under Lyne being marketed with a lease of fraction over fifty eight years left. Caleb informally contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert advice and secured satisfactory deal without resorting to tribunal and readily saleable.
In 2010 we were called by Mrs M Gómez who, having owned a garden apartment in Ashton Under Lyne in September 2004. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Similar homes in Ashton Under Lyne with a long lease were worth £254,200. The average ground rent payable was £60 billed every twelve months. The lease ran out in 2076. Given that there were 51 years left we estimated the premium to the landlord to extend the lease to be within £43,700 and £50,600 not including fees.
Mr and Mrs. U Dupont acquired a one bedroom flat in Ashton Under Lyne in March 2000. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparative residencies in Ashton Under Lyne with an extended lease were valued around £210,600. The average amount of ground rent was £45 invoiced per annum. The lease end date was on 2 July 2087. Given that there were 62 years outstanding we approximated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including costs.