Top reasons for Chorlton lease extension

Why you should start your Chorlton lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Chorlton. Inevitably, the term of lease remaining shortens as time goes by. This is often ignored and only raises itself as an issue when the property has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Chorlton have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give due deliberation before delaying your Chorlton lease extension. Putting off that expense now simply increases the price you will ultimately incur for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not finance a property with a short lease

Most mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A buyer will no doubt find it difficult to obtain a mortgage and this will result in your Chorlton property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Chorlton?

Using our service will provide you enhanced control over the value of your Chorlton leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chorlton Lease Extension Case Studies:

Ali, Chorlton, Greater Manchester,

Ali was the the leasehold owner of a 2 bedroom apartment in Chorlton on the market with a lease of just over 72 years remaining. Ali informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Ali to exercise his statutory right. Ali obtained expert advice and secured an acceptable resolution informally and readily saleable.

Chorlton case:

In 2011 we were e-mailed by Mr and Mrs. R Watson who, having owned a purpose-built apartment in Chorlton in April 1996. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Similar properties in Chorlton with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 collected per annum. The lease ran out in 2099. Taking into account 73 years remaining we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.

Chorlton case:

In 2012 we were phoned by Mr and Mrs. F Roux who, having took over the lease of a one bedroom flat in Chorlton in September 2004. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar homes in Chorlton with an extended lease were valued around £264,000. The mid-range ground rent payable was £60 billed quarterly. The lease lapsed in 2079. Given that there were 53 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 exclusive of expenses.