Top reasons for Urmston lease extension

Main reasons to start your Urmston lease extension today:

Increase your lease and increase your Urmston property value

The market value of Urmston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage on a short lease

Lenders do not lend on short residential leases. You are likely to experience difficulties if you need to sell your flat in Urmston if the remaining lease term is under the criteria set by most banks and building societies. Different mortgage companies have different requirements but in the main theyrequire a minimum remaining lease term of 65 years.

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

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

Urmston Lease Extension Example Cases:

Ollie, Urmston, Greater Manchester

Last year Ollie, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Urmston. Having purchased his home two decades ago, the unexpired term was of no relevance. Luckily, he became aware that he needed to take steps soon on Extending the lease. Ollie arranged for a lease extension just under the wire in April. Ollie and the freeholder via the management company in the end settled on a premium of £5,500 . If he not met the deadline, the price would have increased by at least £975.

Urmston case:

In 2012 we were phoned by Dr B Torres who, having acquired a first floor flat in Urmston in March 2007. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Comparable residencies in Urmston with 100 year plus lease were valued about £216,000. The average amount of ground rent was £60 billed per annum. The lease ended on 24 August 2084. Given that there were 58 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including fees.

Urmston case:

In 2009 we were contacted by Dr B Thomas who, having moved into a basement flat in Urmston in July 2005. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar properties in Urmston with a long lease were in the region of £200,000. The average amount of ground rent was £50 billed monthly. The lease came to a finish on 7 January 2104. Considering the 78 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.