Prestwich Lease Extension - Free Consultation

Before you progress with your lease extension in Prestwich
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Prestwich lease extension


Top reasons for lease extension now:

Increase your lease and increase your Prestwich property value

On the balance of probabilities where you own a flat in Prestwich you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not lend on a short lease

Most banks have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are regarded as deficient for lending purposes.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Prestwich?

Lease extensions in Prestwich can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Prestwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Prestwich Lease Extension Case Summaries:

Blake, Prestwich, Greater Manchester

Last year Blake, started to get close to the eighty-year threshold with the lease on his basement flat in Prestwich. Having bought his flat two decades ago, the unexpired term was of little importance. As luck would have it, he recognised he needed to take action soon on Extending the lease. Blake arranged for a lease extension just ahead of time in July. Blake and the landlord subsequently settled on the final figure of £6,000 . If he failed to meet the deadline, the sum would have gone up by a minimum £1,150.

Prestwich case:

In 2010 we were approached by Mr and Mrs. B Taylor who, having purchased a one bedroom flat in Prestwich in August 2010. We are asked if we could approximate the price would be to prolong the lease by an additional years. Similar properties in Prestwich with 100 year plus lease were valued around £300,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease lapsed on 27 August 2099. Considering the 75 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.

Prestwich case:

Mr and Mrs. O Alexander bought a studio apartment in Prestwich in October 2010. The question was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Identical residencies in Prestwich with 100 year plus lease were valued about £250,400. The average ground rent payable was £65 collected monthly. The lease elapsed in 2088. Given that there were 64 years remaining we approximated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of legals.