When it comes to residential leasehold property in Eccles, you are actually purchasing an entitlement to reside in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than eighty years left. Leasehold owners in Eccles with a lease nearing 81 years unexpired should seriously consider extending it sooner than later. When a lease has below eighty years remaining, under the current Act the landlord is entitled to calculate and levy a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Eccles can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.
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 Eccles lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
John was the the leasehold owner of a studio apartment in Eccles on the market with a lease of a few days over 61 years remaining. John informally contacted his landlord being a well known local-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 a rise in the rent to £100 annually. No ground rent would be due on a lease extension were John to invoke his statutory right. John obtained expert advice and secured satisfactory deal without resorting to tribunal and readily saleable.
Last Summer we were called by Mr and Mrs. F Turner , who bought a ground floor flat in Eccles in January 2007. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative properties in Eccles with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 collected quarterly. The lease finished in 2098. Considering the 72 years left we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including costs.
Mr and Mrs. V Bernard took over the lease of a ground floor apartment in Eccles in November 1996. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparative properties in Eccles with a long lease were in the region of £233,200. The average ground rent payable was £60 collected quarterly. The lease concluded on 16 July 2087. Considering the 61 years remaining we estimated the premium to the landlord to extend the lease to be within £22,800 and £26,400 plus legals.