Cheadle Hulme leases on domestic deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Cheadle Hulme will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s wise to be guided by a lawyer during the process.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Lease extensions in Cheadle Hulme can be a difficult process. We recommend you obtain professional help from a lawyer 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 a wealth of experience dealing with Cheadle Hulme lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Tommy, started to get close to the eighty-year mark with the lease on his ground floor flat in Cheadle Hulme. Having bought his property 18 years previously, the unexpired term was of little significance. Luckily, he realised he would soon be paying an escalated premium for Extending the lease. Tommy arranged for a lease extension at the eleventh hour in April. Tommy and the freeholder ultimately settled on a premium of £5,500 . If the lease had fallen to less than 80 years, the figure would have become more costly by at least £1,150.
Dr A Sharif was assigned a lease of a recently refurbished apartment in Cheadle Hulme in September 2008. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Comparative homes in Cheadle Hulme with an extended lease were in the region of £275,000. The average amount of ground rent was £45 invoiced annually. The lease ran out on 6 November 2095. Given that there were 69 years as a residual term we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.
Last Spring we were called by Dr H Mitchell , who bought a newly refurbished apartment in Cheadle Hulme in September 2005. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical residencies in Cheadle Hulme with an extended lease were worth £216,000. The mid-range amount of ground rent was £60 collected per annum. The lease lapsed in 2084. Having 58 years unexpired we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.