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

Cheetham Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Cheetham Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Cheetham Hill you really ought to investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

Leasehold properties in Cheetham Hill with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to lend on a short lease

Most mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone wanting to purchase your property in the future might well do, so where they are unable to get a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Cheetham Hill lease extensions?

Using our service will provide you enhanced control over the value of your Cheetham Hill leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Cheetham Hill Lease Extension Case Studies:

Finley, Cheetham Hill, Greater Manchester

Half a year ago Finley, came perilously near to the 80-year threshold with the lease on his leasehold apartment in Cheetham Hill. Having purchased his flat two decades ago, the lease term was of minimal concern. Thankfully, he noticed he needed to take action soon on Extending the lease. Finley extended the lease just under the wire in April. Finley and the landlord who owned the flat above in the end settled on a premium of £5,500 . If the lease had slid below eighty years, the figure would have escalated by at least £1,100.

Cheetham Hill case:

In 2013 we were called by Mrs O Leroy who, having owned a garden apartment in Cheetham Hill in May 2010. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Comparative residencies in Cheetham Hill with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease expired in 2096. Having 70 years outstanding we approximated the premium to the landlord for the lease extension to be between £10,500 and £12,000 not including legals.

Cheetham Hill case:

In 2010 we were contacted by Mr and Mrs. L Martinez who, having bought a recently refurbished flat in Cheetham Hill in April 2008. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Identical residencies in Cheetham Hill with 100 year plus lease were in the region of £246,800. The average ground rent payable was £60 invoiced yearly. The lease lapsed on 16 March 2076. Taking into account 50 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £44,700 and £51,600 exclusive of fees.