The only way is down when it comes to Audley lease terms. Audley leaseholds that have a lease term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will increase.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Regardless of whether you are a tenant or a landlord in Audley,the lease extension experts 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 Audley valuers.
Harrison owned a high value apartment in Audley being marketed with a lease of a few days over 59 years unexpired. Harrison on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Harrison to invoke his statutory right. Harrison procured expert advice and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Mrs Courtney Collins owned a ground floor flat in Audley in June 2009. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Similar residencies in Audley with 100 year plus lease were worth £270,000. The average amount of ground rent was £55 invoiced monthly. The lease terminated in 2101. Taking into account 75 years unexpired we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.
Mr and Mrs. E Rogers acquired a one bedroom apartment in Audley in February 2006. We are asked if we could estimate the price could be for a 90 year extension to my lease. Comparative homes in Audley with 100 year plus lease were worth £168,800. The average ground rent payable was £60 billed quarterly. The lease expired on 10 September 2081. Having 55 years remaining we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of expenses.