Rochdale leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Rochdale residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Rochdale you would be well advised to investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Santander |
Lease extensions in Rochdale can be a difficult process. We recommend you procure guidance from a lawyer 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 Rochdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted correspondence with the freeholder of her two bedroom apartment in Rochdale, Anna started the lease extension process as the 80 year mark was swiftly advancing. The legal work was concluded in August 2006. The freeholder’s fees were kept to an absolute minimum.
Last November we were contacted by Mr and Mrs. V Clark , who completed a ground floor flat in Rochdale in March 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Similar residencies in Rochdale with 100 year plus lease were in the region of £191,400. The average amount of ground rent was £55 invoiced annually. The lease terminated in 2080. Taking into account 54 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 exclusive of legals.
Dr F Stewart took over the lease of a ground floor flat in Rochdale in June 2010. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar flats in Rochdale with 100 year plus lease were worth £295,000. The average ground rent payable was £45 collected monthly. The lease ran out on 18 January 2100. Having 74 years left we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.