When it comes to residential leasehold property in Whalley Range, you are actually buying a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about 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 particularly once there are less than eighty years left. Anyone in Whalley Range with a lease approaching 81 years left should seriously think of extending it without delay. When a lease has less than 80 years left, under the relevant legislation the freeholder is entitled to calculate and charge a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold properties in Whalley Range with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Whalley Range can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 in-depth market knowledge dealing with Whalley Range lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Reuben, came perilously close to the 80-year mark with the lease on his basement apartment in Whalley Range. Having bought his property 19 years ago, the lease term was of minimal interest. by good luck, he recognised he would imminently be paying an escalated premium for a lease extension. Reuben arranged for a lease extension just in the nick of time in March. Reuben and the freeholder via the management company in the end agreed on the final figure of £5,000 . If the lease had slipped to less than eighty years, the figure would have gone up by a minimum £950.
Mr and Mrs. J Norbert was assigned a lease of a basement flat in Whalley Range in March 1999. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Identical homes in Whalley Range with a long lease were in the region of £173,800. The mid-range ground rent payable was £60 invoiced annually. The lease elapsed in 2081. Given that there were 55 years remaining we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of expenses.
Last Winter we were e-mailed by Mr Aiden Robinson , who completed a studio flat in Whalley Range in October 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar residencies in Whalley Range with an extended lease were in the region of £235,200. The average ground rent payable was £45 invoiced per annum. The lease finished in 2092. Considering the 66 years left we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus costs.