Stop! Your Lease Extension in Manchester Could Be FREE

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Many leaseholders in Manchester are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Manchester has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Manchester lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Manchester you actually own a long leasehold interest over your property

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

Leasehold premises in Manchester with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to finance a property on a short lease

Lending institutions are less likely to grant a mortgage on a domestic property in Manchester with a short lease. Some lenders simply refuse a mortgage on leases with under 75 years remaining.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Manchester?

The lawyers that we work with procure Manchester 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.

Manchester Lease Extension Example Cases:

Courtney, Manchester, Greater Manchester,

Subsequent to unsuccessful correspondence with the landlord of her two bedroom flat in Manchester, Courtney initiated the lease extension process as the 80 year threshold was quickly approaching. The lease extension was finalised in August 2005. The freeholder’s charges were kept to an absolute minimum.

Manchester case:

In 2010 we were called by Mr B Collins who, having took over the lease of a ground floor apartment in Manchester in September 2007. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable residencies in Manchester with an extended lease were valued about £255,000. The average amount of ground rent was £50 collected yearly. The lease ran out in 2097. Taking into account 71 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.

Manchester case:

Dr M Cox acquired a basement flat in Manchester in October 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparable properties in Manchester with an extended lease were worth £254,200. The average ground rent payable was £60 billed yearly. The lease expired in 2077. Having 51 years unexpired we calculated the premium to the freeholder to extend the lease to be within £43,700 and £50,600 plus expenses.