Top reasons for Urmston lease extension

Main reasons to start your Urmston lease extension today:

A Urmston leasehold property depreciates with the years remaining on the lease.

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 expense of extending the lease can increase significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Urmston 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 justify it.

Lenders may not lend with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter problems if you want to sell your flat in Urmston if the unexpired lease term is below the criteria set by most banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Urmston lease extensions?

Irrespective 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 Case Studies:

Oscar, Urmston, Greater Manchester,

Oscar was the the leasehold proprietor of a high value apartment in Urmston on the market with a lease of fraction over 59 years remaining. Oscar on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Oscar to exercise his statutory right. Oscar procured expert advice and secured an acceptable resolution informally and readily saleable.

Urmston case:

In 2010 we were contacted by Ms Natalie Bell who, having completed a one bedroom flat in Urmston in February 2008. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Urmston with an extended lease were in the region of £200,000. The average amount of ground rent was £50 billed yearly. The lease ran out in 2103. Considering the 77 years left we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.

Urmston case:

Last Winter we were contacted by Ms Alicia Kelly , who completed a one bedroom apartment in Urmston in May 2007. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable homes in Urmston with an extended lease were in the region of £260,200. The average amount of ground rent was £65 billed quarterly. The lease came to a finish on 25 August 2092. Given that there were 66 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £16,200 and £18,600 not including fees.