Why you should start your Disley lease extension

Main reasons to start your Disley lease extension today:

Increase your lease and increase your Disley property value

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

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

Leasehold properties in Disley with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to lend on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will likely encounter difficulties to obtain a mortgage and this could result in your Disley property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Disley?

Retaining our service gives you increased control over the value of your Disley leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Disley Lease Extension Case Summaries:

William, Disley, Cheshire

Two years ago William, started to get close to the 80-year mark with the lease on his garden apartment in Disley. Having bought his home two decades ago, the unexpired term was of little importance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. William extended the lease at the eleventh hour last July. William and the freeholder subsequently settled on a premium of £6,000 . If the lease had slipped below 80 years, the premium would have increased by at least £1,125.

Disley case:

In 2009 we were contacted by Mr and Mrs. H Ricardo who, having moved into a one bedroom flat in Disley in August 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Disley with 100 year plus lease were valued around £216,000. The mid-range amount of ground rent was £60 invoiced monthly. The lease ended on 17 April 2084. Taking into account 58 years outstanding we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including fees.

Disley case:

In 2010 we were phoned by Ms Y Edwards who, having was assigned a lease of a basement apartment in Disley in June 2010. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparative residencies in Disley with a long lease were worth £200,000. The average ground rent payable was £50 invoiced quarterly. The lease finished on 17 January 2104. Considering the 78 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.