Why you should commence your Fallowfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fallowfield property value

The nearer a domestic lease in Fallowfield gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than 100 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Fallowfield will qualify for this right; nevertheless a lawyer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Fallowfield with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not finance a property with a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Considering many flats in Fallowfield were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Fallowfield lease extensions?

The conveyancing solicitors that we work with handle Fallowfield 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.

Fallowfield Lease Extension Case Studies:

Rachel, Fallowfield, Greater Manchester,

In the wake of eight months of unsuccessful discussions with the landlord of her basement flat in Fallowfield, Rachel started the lease extension process just as her lease was nearing the critical 80-year deadline. The lease extension was concluded in January 2015. The freeholder’s charges were negotiated to a tad over 600 GBP.

Fallowfield case:

Mr Cameron Campbell purchased a first floor flat in Fallowfield in August 2011. The question was if we could approximate the price could be to extend the lease by a further 90 years. Comparative residencies in Fallowfield with an extended lease were valued around £218,000. The average amount of ground rent was £45 collected per annum. The lease came to a finish in 2089. Considering the 63 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 not including costs.

Fallowfield case:

Mr P Vincent bought a ground floor flat in Fallowfield in May 2003. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by a further 90 years. Similar residencies in Fallowfield with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease expired in 2100. Having 74 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.