Why you should commence your Radcliffe lease extension

Main reasons to commence your Radcliffe lease extension today:

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

As the length of the unexpired term of a Radcliffe residential lease decreases so does its value and therefore the value of your property. If the residual term has, beyond 125 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner than later. The majority of flat owners in Radcliffe will qualify for this right; that being said a conveyancer can confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to issue a mortgage with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Radcliffe property being difficult to dispose of or to obtain finance on.

What makes us experts in Radcliffe lease extensions?

Regardless of whether you are a tenant or a freeholder in Radcliffe,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 experience and the close ties they enjoy with Radcliffe valuers.

Radcliffe Lease Extension Example Cases:

David, Radcliffe, Greater Manchester

Two years ago David, came critically close to the 80-year mark with the lease on his garden flat in Radcliffe. Having bought his home 18 years ago, the lease term was of no concern. by good luck, he realised he would imminently be paying an inflated amount for Extending the lease. David extended the lease at the eleventh hour last September. David and the landlord eventually settled on sum of £5,500 . If he failed to meet the deadline, the price would have gone up by a minimum £1,025.

Radcliffe case:

In 2014 we were called by Mrs T Girard who, having owned a basement apartment in Radcliffe in October 2008. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparable properties in Radcliffe with 100 year plus lease were worth £216,000. The average amount of ground rent was £60 billed every twelve months. The lease elapsed on 17 November 2084. Given that there were 58 years left we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus professional charges.

Radcliffe case:

Last November we were called by Mr Y Bailey , who took over the lease of a first floor flat in Radcliffe in March 2009. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Identical flats in Radcliffe with an extended lease were valued around £200,000. The mid-range ground rent payable was £50 collected monthly. The lease lapsed in 2104. Taking into account 78 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.