Main reasons to start your Cheetham Hill lease extension

Main reasons to commence your Cheetham Hill lease extension today:

Increase your lease and increase your Cheetham Hill property value

The re-sale value of a leasehold property in Cheetham Hill is impacted by how long the lease has remaining. If it is close to or less than 80 years you should envisage problems on re-sale, so it is advisable to arrange for a lease extension prior to buying. Ideally one should start the lease extension process when the lease still has 82 years unexpired so that a lease extension can be finalised well before the 80 year cut off point. Statute enables Cheetham Hill qualifying lessees to an additional term of ninety years on top of the unexpired term, at a notional rent (no ground rent). The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the end of the mortgage. Given that plenty of flats in Cheetham Hill were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Cheetham Hill lease extensions?

Regardless of whether you are a tenant or a landlord in Cheetham Hill,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 Cheetham Hill valuers.

Cheetham Hill Lease Extension Case Summaries:

Max, Cheetham Hill, Greater Manchester

In 2014 Max, started to get close to the eighty-year mark with the lease on his one bedroom flat in Cheetham Hill. Having bought his property two decades ago, the unexpired term was of little concern. Luckily, he noticed he needed to take steps soon on a lease extension. Max arranged for a lease extension at the eleventh hour in September. Max and the landlord ultimately agreed on a premium of £5,500 . If he not met the deadline, the price would have escalated by a minimum £875.

Cheetham Hill case:

In 2009 we were approached by Ms Courtney Ramírez who, having acquired a ground floor flat in Cheetham Hill in September 1998. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Identical homes in Cheetham Hill with a long lease were worth £210,600. The average amount of ground rent was £45 billed per annum. The lease termination date was on 9 May 2088. Having 62 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.

Cheetham Hill case:

Last Autumn we were called by Mrs N Baker , who owned a recently refurbished apartment in Cheetham Hill in September 1997. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable properties in Cheetham Hill with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £50 collected per annum. The lease ended in 2099. Given that there were 73 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.