The market value of Alderley Edge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than eighty years
Leasehold premises in Alderley Edge with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Alderley Edge,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Alderley Edge valuers.
After lengthy negotiations with the freeholder of her one bedroom apartment in Alderley Edge, Bethany initiated the lease extension process just as the lease was nearing the all-important 80-year deadline. The lease extension was concluded in October 2015. The freeholder’s fees were restricted to less than six hundred pounds.
Last August we were e-mailed by Ms E Williams , who acquired a purpose-built apartment in Alderley Edge in May 2005. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Similar premises in Alderley Edge with a long lease were worth £285,000. The mid-range ground rent payable was £55 collected annually. The lease ran out on 7 October 2105. Having 79 years remaining we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.
In 2013 we were contacted by Dr Isabel Clark who, having acquired a newly refurbished apartment in Alderley Edge in February 2012. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Identical homes in Alderley Edge with a long lease were in the region of £193,400. The average ground rent payable was £65 billed yearly. The lease finished in 2085. Taking into account 59 years outstanding we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including expenses.