Alsager leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Alsager will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly 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 many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander |
Regardless of whether you are a tenant or a freeholder in Alsager,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 Alsager valuers.
After unsuccessful discussions with the landlord of her studio apartment in Alsager, Alicia initiated the lease extension process as the 80 year deadline was swiftly coming. The legal work was concluded in October 2011. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. K Clark took over the lease of a garden flat in Alsager in September 1998. The dilemma was if we could estimate the premium would be to extend the lease by 90 years. Similar flats in Alsager with 100 year plus lease were valued about £267,600. The average ground rent payable was £65 collected yearly. The lease concluded on 5 November 2093. Considering the 67 years outstanding we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of fees.
In 2011 we were e-mailed by Ms Rebecca Ramírez who, having was assigned a lease of a ground floor flat in Alsager in June 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparable flats in Alsager with an extended lease were worth £201,200. The mid-range amount of ground rent was £55 collected monthly. The lease finished in 2082. Having 56 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of expenses.