Top reasons for Chadderton lease extension

Why you should commence your Chadderton lease extension today:

Increase your lease and increase your Chadderton property value

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

Chadderton property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not finance a property on a short lease

Mortgage companies are really restricting their approach as regards to homes in Chadderton with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting the amount of prospective buyers.

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

Retaining our service will provide you enhanced control over the value of your Chadderton leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chadderton Lease Extension Example Cases:

Callum, Chadderton, Greater Manchester,

Callum was the the leasehold owner of a studio apartment in Chadderton on the market with a lease of fraction over 59 years outstanding. Callum on an informal basis approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Callum to invoke his statutory right. Callum procured expert advice and was able to make a more informed judgement and deal with the matter and sell the property.

Chadderton case:

In 2012 we were approached by Mr and Mrs. W Phillips who, having was assigned a lease of a one bedroom flat in Chadderton in February 2012. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable homes in Chadderton with an extended lease were in the region of £183,600. The mid-range amount of ground rent was £65 billed yearly. The lease expired on 17 September 2083. Considering the 57 years remaining we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of costs.

Chadderton case:

Mr and Mrs. G Jones owned a ground floor apartment in Chadderton in July 2009. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparable flats in Chadderton with an extended lease were worth £245,000. The average ground rent payable was £50 collected per annum. The lease termination date was on 10 November 2094. Having 68 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.