Why you should commence your Prestwich lease extension

Why you should commence your Prestwich lease extension today:

Increase your lease and increase your Prestwich property value

Prestwich leases on residential deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Prestwich will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some situations you may not qualify. There are prescribed timetables and formalities to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Prestwich with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold property. Many will simply refrain from lending at all once the residual lease term falls below a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Prestwich property.

Why use us for your lease extension in Prestwich?

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

Prestwich Lease Extension Example Cases:

Jasmine, Prestwich, Greater Manchester,

In the wake of eight months of unsuccessful negotiations with the freeholder of her ground floor flat in Prestwich, Jasmine initiated the lease extension process as the 80 year deadline was swiftly nearing. The lease extension completed in May 2010. The landlord’s costs were restricted to under 700 pounds.

Prestwich case:

Last Christmas we were phoned by Mr John Norbert , who moved into a garden apartment in Prestwich in November 2012. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Identical premises in Prestwich with an extended lease were worth £205,000. The mid-range ground rent payable was £50 collected monthly. The lease elapsed in 2105. Considering the 79 years remaining we estimated the compensation to the landlord for the lease extension to be between £7,600 and £8,800 exclusive of costs.

Prestwich case:

Mr and Mrs. A Sánchez completed a studio flat in Prestwich in November 1996. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Identical flats in Prestwich with an extended lease were worth £270,000. The average ground rent payable was £65 billed every twelve months. The lease expired on 17 November 2094. Having 68 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.