Top reasons for Baguley lease extension

Why you should start your Baguley lease extension today:

Increase your lease and increase your Baguley property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Baguley. Clearly, the term of lease left reduces as time goes by. This may slip by relatively unnoticed when the property needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Baguley have the legal entitlement to extend the lease for an additional ninety years under statute. You should give due deliberation before putting off your Baguley lease extension. Putting off the cost now likely increases the price you will eventually incur for a lease extension

Baguley property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may not grant a mortgage on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that plenty of flats in Baguley were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

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

Irrespective of whether you are a tenant or a landlord in Baguley,the lease extension solicitors 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 Baguley valuers.

Baguley Lease Extension Case Summaries:

Alex, Baguley, Greater Manchester

In recent months Alex, started to get near to the 80-year threshold with the lease on his first floor apartment in Baguley. Having bought his flat two decades ago, the length of the lease was of little relevance. As luck would have it, he recognised he needed to take action soon on Extending the lease. Alex arranged for a lease extension at the eleventh hour in August. Alex and the landlord in the end settled on the final figure of £5,500 . If he failed to meet the deadline, the price would have gone up by a minimum £900.

Baguley case:

Last Spring we were approach by Ms D Robinson , who owned a one bedroom flat in Baguley in September 2001. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar properties in Baguley with a long lease were worth £300,000. The mid-range ground rent payable was £50 collected every twelve months. The lease terminated in 2102. Considering the 76 years outstanding we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of fees.

Baguley case:

Last Spring we were e-mailed by Mr and Mrs. V Hall , who took over the lease of a one bedroom flat in Baguley in January 2000. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable flats in Baguley with 100 year plus lease were worth £257,800. The mid-range ground rent payable was £65 invoiced quarterly. The lease elapsed on 2 August 2091. Given that there were 65 years outstanding we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 not including professional charges.