The value of Chorlton cum Hardy leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than 80 years
Leasehold premises in Chorlton cum Hardy with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| TSB |
The lawyers that we work with handle Chorlton cum Hardy lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Off the back of protracted correspondence with the landlord of her first floor flat in Chorlton cum Hardy, Harriet commenced the lease extension process as the eighty year mark was swiftly nearing. The lease extension was finalised in April 2012. The freeholder’s fees were kept to an absolute minimum.
Last month we were contacted by Mr P Walker , who bought a purpose-built flat in Chorlton cum Hardy in May 2009. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparable properties in Chorlton cum Hardy with a long lease were valued about £189,000. The average ground rent payable was £55 collected monthly. The lease termination date was on 26 August 2079. Taking into account 53 years remaining we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of legals.
Mr and Mrs. P Parker moved into a studio flat in Chorlton cum Hardy in February 1999. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative homes in Chorlton cum Hardy with an extended lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ran out on 12 August 2099. Given that there were 73 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.