Top reasons for Urmston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Urmston property value

Chances are that where you own a flat in Urmston you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Urmston with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting the number of prospective purchasers.

What makes us experts in Urmston lease extensions?

Engaging our service gives you increased control over the value of your Urmston leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Urmston Lease Extension Example Cases:

Georgia, Urmston, Greater Manchester,

Following unsuccessful negotiations with the landlord of her studio flat in Urmston, Georgia started the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work completed in September 2007. The landlord’s charges were kept to an absolute minimum.

Urmston case:

Last Summer we were approach by Mr and Mrs. A Moreau , who acquired a newly refurbished flat in Urmston in November 2004. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparative flats in Urmston with 100 year plus lease were in the region of £166,800. The average amount of ground rent was £50 billed yearly. The lease ended in 2076. Taking into account 50 years unexpired we approximated the premium to the landlord for the lease extension to be between £32,300 and £37,400 plus legals.

Urmston case:

Mr and Mrs. L Howard purchased a recently refurbished apartment in Urmston in July 2012. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical flats in Urmston with a long lease were valued about £280,000. The mid-range amount of ground rent was £45 billed quarterly. The lease terminated in 2096. Given that there were 70 years as a residual term we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.