Main reasons to start your Altrincham lease extension

Main reasons to commence your Altrincham lease extension today:

A Altrincham lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Altrincham you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Altrincham with in excess of one hundred years unexpired 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 upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not grant a mortgage with a short lease

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

Regardless of whether you are a tenant or a landlord in Altrincham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Altrincham valuers.

Altrincham Lease Extension Example Cases:

Jessica, Altrincham, Greater Manchester,

Subsequent to protracted correspondence with the landlord of her two bedroom flat in Altrincham, Jessica started the lease extension process as the 80 year threshold was rapidly coming. The legal work was concluded in April 2008. The landlord’s fees were kept to an absolute minimum.

Altrincham case:

Last Christmas we were contacted by Mr B Campbell , who took over the lease of a ground floor apartment in Altrincham in September 2003. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable flats in Altrincham with a long lease were in the region of £191,400. The average amount of ground rent was £55 billed annually. The lease came to a finish on 17 February 2080. Taking into account 54 years outstanding we calculated the premium to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of costs.

Altrincham case:

Mr and Mrs. A Turner was assigned a lease of a ground floor flat in Altrincham in February 2000. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Altrincham with 100 year plus lease were valued around £295,000. The average ground rent payable was £45 collected annually. The lease elapsed in 2100. Having 74 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.