Main reasons to commence your Manor Park lease extension

Top reasons for lease extension now:

A Manor Park leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Manor Park. Clearly, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the flat or house needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Manor Park have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give careful attention before delaying your Manor Park lease extension. Holding off the cost now simply increases the price you will ultimately incur for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold residencies in Manor Park with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not grant a mortgage with a short lease

Get in touch with one of our Manor Park lease extension solicitors or enfranchisement solicitors

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

Manor Park Lease Extension Case Studies:

Joshua, Manor Park, London,

Joshua owned a high value flat in Manor Park on the market with a lease of a little over sixty years left. Joshua informally spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joshua to invoke his statutory right. Joshua procured expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Manor Park case:

Last month we were e-mailed by Mr and Mrs. U Martin , who owned a basement flat in Manor Park in August 2011. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Manor Park with a long lease were valued around £203,200. The mid-range ground rent payable was £65 collected quarterly. The lease finished in 2087. Considering the 61 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 plus costs.