Top reasons for Cheetham Hill lease extension

Why you should start your Cheetham Hill lease extension today:

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

The market 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 extending the lease can escalate substantially once the remaining term is less than eighty years

Cheetham Hill property with a lease extension has roughly 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 additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

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

Lenders are really restricting their approach as regards to homes in Cheetham Hill with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the number of potential buyers.

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 lawyer we work with provide it.

Cheetham Hill Lease Extension Case Studies:

Georgia, Cheetham Hill, Greater Manchester,

Trailing lengthy correspondence with the freeholder of her garden apartment in Cheetham Hill, Georgia commenced the lease extension process as the eighty year mark was fast nearing. The lease extension was concluded in October 2014. The landlord’s charges were kept to an absolute minimum.

Cheetham Hill case:

Mr L Flores took over the lease of a purpose-built flat in Cheetham Hill in September 2008. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Similar flats in Cheetham Hill with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £55 billed every twelve months. The lease elapsed on 1 January 2104. Given that there were 78 years unexpired we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including legals.

Cheetham Hill case:

Last month we were e-mailed by Mr and Mrs. T Turner , who acquired a garden apartment in Cheetham Hill in May 2000. The question was if we could estimate the price could be to extend the lease by ninety years. Similar flats in Cheetham Hill with a long lease were worth £191,000. The average ground rent payable was £65 billed annually. The lease lapsed in 2084. Taking into account 58 years left we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of legals.