Chorlton Lease Extension - Free Consultation

Before you progress with your lease extension in Chorlton
Get a quote from one of our lease extension experts with over 20 years experience.

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It may end up saving you thousands.

Why you should start your Chorlton lease extension


Main reasons to start your Chorlton lease extension today:

A Chorlton leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Chorlton you actually own a long leasehold interest over your property

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

Leasehold residencies in Chorlton with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

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

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years left once the mortgage has expired. Given that many flats in Chorlton were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Chorlton lease extensions?

Retaining our service gives you increased control over the value of your Chorlton leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chorlton Lease Extension Example Cases:

Jackson, Chorlton, Greater Manchester

16 months ago Jackson, started to get near to the 80-year threshold with the lease on his one bedroom apartment in Chorlton. In buying his home two decades ago, the unexpired term was of little importance. Fortunately, he became aware that he would imminently be paying an inflated amount for a lease extension. Jackson arranged for a lease extension just in the nick of time in May. Jackson and the freeholder via the managing agents subsequently agreed on sum of £5,000 . If the lease had gone below 80 years, the amount would have become more costly by at least £1,000.

Chorlton case:

Mrs Elizabeth Garcia completed a newly refurbished flat in Chorlton in April 2006. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable homes in Chorlton with a long lease were valued around £227,800. The average amount of ground rent was £45 billed annually. The lease end date was on 20 October 2089. Taking into account 65 years remaining we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including expenses.

Chorlton case:

Dr L Campbell bought a first floor apartment in Chorlton in September 1999. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Identical properties in Chorlton with a long lease were worth £275,000. The average amount of ground rent was £55 invoiced per annum. The lease end date was on 3 October 2100. Having 76 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.