The value of Irlam and Cadishead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years
Leasehold premises in Irlam and Cadishead with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Virgin |
Engaging our service will provide you increased control over the value of your Irlam and Cadishead leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful discussions with the freeholder of her one bedroom apartment in Irlam and Cadishead, Hollie initiated the lease extension process as the eighty year deadline was quickly approaching. The transaction completed in July 2009. The freeholder’s charges were restricted to below 550 GBP.
Dr Y Ramírez purchased a recently refurbished flat in Irlam and Cadishead in July 1995. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparable properties in Irlam and Cadishead with 100 year plus lease were in the region of £227,800. The average amount of ground rent was £45 collected yearly. The lease lapsed on 10 January 2091. Having 65 years left we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.
Last Winter we were contacted by Mr and Mrs. N Hernández , who owned a studio flat in Irlam and Cadishead in November 2012. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparative premises in Irlam and Cadishead with an extended lease were valued around £275,000. The mid-range ground rent payable was £55 collected per annum. The lease concluded in 2102. Considering the 76 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.