Stalybridge leases on residential properties are gradually losing value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Stalybridge will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with more than 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 residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
The conveyancing solicitors that we work with handle Stalybridge 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 conveyancer we work with provide it.
Omar was the the leasehold owner of a high value flat in Stalybridge being marketed with a lease of a little over sixty years remaining. Omar informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord 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 £50 per annum. No ground rent would be due on a lease extension were Omar to invoke his statutory right. Omar procured expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
In 2010 we were called by Mrs G Bonnet who, having bought a garden apartment in Stalybridge in April 2007. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable homes in Stalybridge with 100 year plus lease were worth £183,600. The average ground rent payable was £65 invoiced quarterly. The lease termination date was in 2083. Given that there were 57 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of fees.
Mrs Victoria Clark completed a studio flat in Stalybridge in September 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparable homes in Stalybridge with an extended lease were valued about £245,000. The average amount of ground rent was £45 billed yearly. The lease elapsed on 21 February 2094. Given that there were 68 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.