Main reasons to commence your Cheetham Hill lease extension

Why you should start 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 becomes more expensive. Most owners of residential leasehold property in Cheetham Hill enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Cheetham Hill you should investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Cheetham Hill flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

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

Leasehold premises in Cheetham Hill with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not finance a property with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Cheetham Hill property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Cheetham Hill lease extensions?

The lawyers that we work with handle Cheetham Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Cheetham Hill Lease Extension Example Cases:

Jodie, Cheetham Hill, Greater Manchester,

Off the back of lengthy correspondence with the landlord of her leasehold apartment in Cheetham Hill, Jodie commenced the lease extension process just as her lease was nearing the all-important eighty-year mark. The legal work completed in April 2008. The landlord’s fees were kept to an absolute minimum.

Cheetham Hill case:

In 2010 we were phoned by Mr and Mrs. B Pérez who, having was assigned a lease of a basement flat in Cheetham Hill in May 2011. The dilemma was if we could estimate the premium could be to prolong the lease by 90 years. Identical residencies in Cheetham Hill with a long lease were worth £280,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease end date was in 2101. Considering the 77 years unexpired we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.

Cheetham Hill case:

In 2012 we were contacted by Mr and Mrs. K Nelson who, having bought a ground floor apartment in Cheetham Hill in February 1999. We are asked if we could approximate the price would be to extend the lease by ninety years. Comparable premises in Cheetham Hill with an extended lease were valued about £183,600. The mid-range amount of ground rent was £65 invoiced yearly. The lease terminated in 2081. Considering the 57 years remaining we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus professional charges.