Why you should start your Fallowfield lease extension

Why you should start your Fallowfield lease extension today:

A Fallowfield lease depreciates with the years remaining on the lease.

With a long leasehold premises in Fallowfield, you are actually purchasing a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly once there are fewer than 80 years remaining. Anyone in Fallowfield with a lease nearing 81 years left should seriously consider extending it without delay. When the lease term has below 80 years remaining, under the relevant statute the freeholder can calculate and demand a greater amount, based on a technical computation, strangely termed as “marriage value” which is due.

Fallowfield property with a lease extension is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to homes in Fallowfield with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the amount of prospective purchasers.

What makes us experts in Fallowfield lease extensions?

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

Fallowfield Lease Extension Example Cases:

Elizabeth, Fallowfield, Greater Manchester,

After lengthy negotiations with the freeholder of her garden flat in Fallowfield, Elizabeth commenced the lease extension process just as the lease was approaching the crucial 80-year threshold. The lease extension completed in February 2006. The freeholder’s costs were kept to an absolute minimum.

Fallowfield case:

Dr J Mason purchased a one bedroom apartment in Fallowfield in February 2005. We are asked if we could estimate the premium could be to extend the lease by an additional years. Comparable properties in Fallowfield with an extended lease were worth £270,000. The average ground rent payable was £55 invoiced monthly. The lease finished in 2101. Taking into account 75 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.

Fallowfield case:

Last Christmas we were approach by Mr and Mrs. W James , who completed a studio flat in Fallowfield in October 2001. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Identical residencies in Fallowfield with an extended lease were in the region of £173,800. The average amount of ground rent was £65 collected quarterly. The lease finished in 2081. Having 55 years outstanding we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus legals.