Cheadle Hulme leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Cheadle Hulme will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Cheadle Hulme with over one hundred years outstanding 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 upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Cheadle Hulme can be a difficult process. We recommend you get guidance from a conveyancer 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 procuring 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.
After unsuccessful negotiations with the freeholder of her ground floor apartment in Cheadle Hulme, Rachel initiated the lease extension process just as her lease was approaching the critical eighty-year mark. The legal work was finalised in August 2008. The freeholder’s costs were kept to an absolute minimum.
In 2014 we were e-mailed by Mrs Emily Baker who, having completed a garden apartment in Cheadle Hulme in September 2002. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar properties in Cheadle Hulme with an extended lease were worth £250,400. The mid-range amount of ground rent was £65 billed quarterly. The lease expiry date was in 2090. Given that there were 64 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including legals.
In 2009 we were called by Mrs Naomi Lefebvre who, having purchased a one bedroom flat in Cheadle Hulme in October 2012. We are asked if we could approximate the price could be to prolong the lease by ninety years. Identical premises in Cheadle Hulme with 100 year plus lease were in the region of £184,000. The mid-range ground rent payable was £55 billed quarterly. The lease elapsed on 24 January 2079. Having 53 years remaining we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.