Chances are that where you own a flat in Stockport you actually own a long leasehold interest over your property
Leasehold premises in Stockport with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Stockport can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with Stockport lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jayden was the the leasehold owner of a studio apartment in Stockport being sold with a lease of a few days over sixty years outstanding. Jayden informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Jayden to invoke his statutory right. Jayden obtained expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2014 we were called by Dr A Parker who, having moved into a studio apartment in Stockport in August 2010. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Similar residencies in Stockport with a long lease were worth £235,200. The average ground rent payable was £45 invoiced monthly. The lease terminated in 2092. Given that there were 66 years remaining we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of legals.
Mr and Mrs. I Alexander acquired a ground floor flat in Stockport in January 1998. The question was if we could approximate the premium would be for a 90 year lease extension. Similar premises in Stockport with a long lease were valued about £275,000. The average amount of ground rent was £55 invoiced per annum. The lease elapsed in 2103. Considering the 77 years unexpired we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus expenses.