Top reasons for Alderley Edge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Alderley Edge property value

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 remaining term is below than 80 years

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

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not lend with a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is probable that someone wishing to buy your property in the future might well do, so where they are not able to get a mortgage, then the value of your property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Alderley Edge lease extensions?

Regardless of whether you are a tenant or a freeholder in Alderley Edge,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Alderley Edge valuers.

Alderley Edge Lease Extension Case Studies:

Jake, Alderley Edge, Cheshire,

Jake was the the leasehold owner of a high value flat in Alderley Edge being sold with a lease of a few days over 61 years outstanding. Jake on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Jake to invoke his statutory right. Jake obtained expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.

Alderley Edge case:

Last October we were approach by Mr Jamie Johnson , who was assigned a lease of a recently refurbished flat in Alderley Edge in February 1995. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar premises in Alderley Edge with a long lease were in the region of £256,600. The average ground rent payable was £60 billed monthly. The lease came to a finish in 2078. Considering the 52 years remaining we calculated the compensation to the freeholder to extend the lease to be within £39,000 and £45,000 not including legals.

Alderley Edge case:

Ms Sophia Moore completed a studio apartment in Alderley Edge in January 1999. The question was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Similar properties in Alderley Edge with a long lease were valued about £218,000. The mid-range amount of ground rent was £45 collected per annum. The lease termination date was on 15 April 2089. Having 63 years outstanding we approximated the premium to the landlord to extend the lease to be between £17,100 and £19,800 plus expenses.