Stop! Your Lease Extension in Cheetham Hill Could Be FREE

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Many leaseholders in Cheetham Hill are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Cheetham Hill has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Cheetham Hill lease extension

Main reasons to commence your Cheetham Hill lease extension today:

A Cheetham Hill lease depreciates with the years remaining on the lease.

The value of Cheetham Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Cheetham Hill with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

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

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic once you need to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may not have an imminent desire to sell but when you do your buyer must wait 2 years before they can start the legal procedures for a lease extension.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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 lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cheetham Hill valuers.

Cheetham Hill Lease Extension Example Cases:

Eliot, Cheetham Hill, Greater Manchester,

Eliot owned a high value flat in Cheetham Hill being marketed with a lease of just over 59 years outstanding. Eliot on an informal basis approached his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Eliot to exercise his statutory right. Eliot procured expert advice and secured an acceptable resolution informally and sell the property.

Cheetham Hill case:

In 2011 we were phoned by Ms P Petit who, having acquired a basement flat in Cheetham Hill in June 2011. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparable residencies in Cheetham Hill with 100 year plus lease were in the region of £200,800. The average ground rent payable was £65 collected every twelve months. The lease elapsed on 9 February 2086. Considering the 60 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 not including professional charges.

Cheetham Hill case:

In 2013 we were contacted by Mr and Mrs. D Gray who, having took over the lease of a one bedroom apartment in Cheetham Hill in May 2005. The question was if we could estimate the premium could be for a 90 year extension to my lease. Comparable homes in Cheetham Hill with a long lease were worth £255,000. The average ground rent payable was £50 invoiced yearly. The lease came to a finish on 18 July 2097. Considering the 71 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.