Main reasons to commence your Manchester lease extension

Main reasons to start your Manchester lease extension today:

Increase your lease and increase your Manchester property value

The value of Manchester leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to lend on a short lease

Many banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should be conscious that it is probable that someone wanting to buy your property in the future might well do, so if they can't get a mortgage, then the market price of the property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Manchester?

Irrespective of whether you are a tenant or a freeholder in Manchester,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Manchester valuers.

Manchester Lease Extension Case Studies:

Lucas, Manchester, Greater Manchester,

Lucas owned a high value flat in Manchester being marketed with a lease of just over fifty eight years outstanding. Lucas informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert advice and was able to make a more informed judgement and handle with the matter and sell the flat.

Manchester case:

Mr and Mrs. W Edwards was assigned a lease of a purpose-built flat in Manchester in March 1997. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Manchester with an extended lease were in the region of £166,400. The average amount of ground rent was £60 collected quarterly. The lease came to a finish in 2080. Having 54 years remaining we calculated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of costs.

Manchester case:

Mr Leon Thompson bought a purpose-built flat in Manchester in June 2002. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Identical properties in Manchester with 100 year plus lease were worth £227,800. The average ground rent payable was £45 collected yearly. The lease ran out in 2091. Taking into account 65 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of legals.