Atherton leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease drops under eighty years - otherwise a higher premium will be payable. Flat owners in Atherton will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not be entitled. There are prescribed deadlines and formalities to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
Leasehold properties in Atherton with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Birmingham Midshires | |
| Skipton Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Atherton,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Atherton valuers.
Last year Ryan, started to get close to the eighty-year mark with the lease on his garden flat in Atherton. Having bought his property twenty years previously, the length of the lease was of minimal relevance. Fortunately, he realised he needed to take action soon on a lease extension. Ryan was able to extend his lease just ahead of time last March. Ryan and the landlord who owned the flat above ultimately agreed on sum of £5,000 . If he failed to meet the deadline, the price would have gone up by at least £925.
Ms T Allen bought a one bedroom apartment in Atherton in February 2011. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable flats in Atherton with an extended lease were worth £295,000. The average ground rent payable was £50 invoiced monthly. The lease concluded in 2101. Taking into account 75 years remaining we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.
In 2014 we were approached by Dr H Smith who, having acquired a studio apartment in Atherton in April 2006. The question was if we could estimate the premium would likely be for a ninety year lease extension. Similar flats in Atherton with 100 year plus lease were in the region of £250,400. The mid-range amount of ground rent was £65 collected every twelve months. The lease ended on 12 November 2090. Considering the 64 years as a residual term we estimated the premium to the landlord for the lease extension to be within £19,000 and £22,000 plus expenses.