Top reasons for Alderley Edge lease extension

Main reasons to start your Alderley Edge lease extension today:

Increase your lease and increase your Alderley Edge property value

Alderley Edge leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Alderley Edge residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Alderley Edge you really ought to investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Alderley Edge property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not loan monies with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years left at the expiry of the mortgage. Given that many flats in Alderley Edge were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Alderley Edge lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Alderley Edge 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.

Alderley Edge Lease Extension Example Cases:

Rory, Alderley Edge, Cheshire

In recent months Rory, started to get near to the 80-year mark with the lease on his garden apartment in Alderley Edge. Having bought his property two decades ago, the unexpired term was of minimal relevance. Fortunately, he became aware that he needed to take steps soon on Extending the lease. Rory was able to extend his lease just in the nick of time in June. Rory and the landlord who owned the flat above eventually settled on sum of £5,500 . If the lease had descended below 80 years, the sum would have escalated by a minimum £850.

Alderley Edge case:

Mr and Mrs. U Stewart owned a one bedroom apartment in Alderley Edge in August 2005. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Identical premises in Alderley Edge with an extended lease were valued around £176,200. The average ground rent payable was £65 invoiced monthly. The lease ran out on 17 July 2082. Taking into account 56 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 plus professional charges.

Alderley Edge case:

In 2009 we were contacted by Ms N Baker who, having purchased a basement flat in Alderley Edge in August 2004. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical properties in Alderley Edge with 100 year plus lease were worth £237,600. The mid-range amount of ground rent was £45 invoiced annually. The lease ended in 2093. Taking into account 67 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus expenses.