There is no doubt about it a leasehold property in Ashton Under Lyne is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Ashton Under Lyne will qualify for this right; nevertheless a lawyer should be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Ashton Under Lyne can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.
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 a wealth of experience dealing with 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.
Off the back of protracted correspondence with the landlord of her purpose-built flat in Ashton Under Lyne, Catherine commenced the lease extension process as the 80 year deadline was rapidly advancing. The transaction was finalised in October 2011. The freeholder’s fees were kept to an absolute minimum.
In 2013 we were contacted by Dr P James who, having took over the lease of a newly refurbished flat in Ashton Under Lyne in January 1996. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical flats in Ashton Under Lyne with a long lease were worth £285,000. The mid-range ground rent payable was £55 billed yearly. The lease finished in 2105. Considering the 79 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.
In 2014 we were e-mailed by Mr Noah Young who, having bought a one bedroom flat in Ashton Under Lyne in May 1999. The question was if we could approximate the price would be for a ninety year lease extension. Similar flats in Ashton Under Lyne with a long lease were valued about £193,400. The average ground rent payable was £65 invoiced per annum. The lease ran out on 21 July 2085. Considering the 59 years remaining we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus legals.