Cheetham Hill leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Cheetham Hill will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not qualify. There are prescribed deadlines and procedures to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Cheetham Hill with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Cheetham Hill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Cheetham Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ollie owned a high value apartment in Cheetham Hill on the market with a lease of fraction over fifty eight years unexpired. Ollie on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Ollie to invoke his statutory right. Ollie obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.
Last Christmas we were contacted by Dr Emily Lee , who bought a one bedroom apartment in Cheetham Hill in July 1995. The question was if we could estimate the price would likely be to extend the lease by ninety years. Identical flats in Cheetham Hill with an extended lease were valued around £235,200. The mid-range ground rent payable was £45 collected every twelve months. The lease ended in 2092. Having 66 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.
Last Autumn we were e-mailed by Dr O Norbert , who purchased a one bedroom flat in Cheetham Hill in May 2002. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Identical premises in Cheetham Hill with 100 year plus lease were in the region of £275,000. The average ground rent payable was £55 billed every twelve months. The lease expired in 2103. Having 77 years remaining we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.