Top reasons for Fallowfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fallowfield property value

Fallowfield leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Fallowfield enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Fallowfield you really ought to investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Fallowfield leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend with a short lease

Many mortgage companies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't obtain a mortgage, then the value of your property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Fallowfield lease extensions?

Irrespective of whether you are a tenant or a freeholder in Fallowfield,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fallowfield valuers.

Fallowfield Lease Extension Case Studies:

Blake, Fallowfield, Greater Manchester,

Blake was the the leasehold owner of a studio apartment in Fallowfield being sold with a lease of fraction over sixty years left. Blake on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Blake to exercise his statutory right. Blake obtained expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Fallowfield case:

Ms Imogen Hall took over the lease of a purpose-built apartment in Fallowfield in May 2011. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in Fallowfield with 100 year plus lease were valued about £285,000. The average amount of ground rent was £55 collected annually. The lease concluded on 27 September 2105. Taking into account 79 years unexpired we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.

Fallowfield case:

Last year we were phoned by Mr O David , who acquired a one bedroom flat in Fallowfield in February 2006. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Similar properties in Fallowfield with 100 year plus lease were worth £198,400. The mid-range ground rent payable was £65 billed every twelve months. The lease expired in 2085. Given that there were 59 years remaining we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus expenses.