There is no doubt about it a leasehold flat or house in Disley is a wasting asset as a result of the shortening lease. Where the residual term has, in excess of one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease without delay. Most flat owners in Disley will meet the qualifying criteria; however a conveyancing solicitor should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Disley with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society |
Irrespective of whether you are a tenant or a freeholder in Disley,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Disley valuers.
After lengthy negotiations with the landlord of her first floor flat in Disley, Jade commenced the lease extension process as the 80 year deadline was rapidly nearing. The legal work completed in May 2014. The landlord’s charges were kept to an absolute minimum.
In 2010 we were phoned by Mrs M Gómez who, having took over the lease of a first floor flat in Disley in June 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative premises in Disley with a long lease were in the region of £191,400. The average amount of ground rent was £55 collected per annum. The lease elapsed in 2080. Having 54 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 plus fees.
Mr and Mrs. A Williams moved into a basement flat in Disley in November 2004. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparative properties in Disley with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease ran out in 2100. Taking into account 74 years remaining we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.