Top reasons for Urmston lease extension

Why you should start your Urmston lease extension today:

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

When it comes to residential leasehold premises in Urmston, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater especially when there are less than 80 years left. Residents in Urmston with a lease approaching 81 years remaining should seriously think of extending it sooner rather than later. Once the lease term has under 80 years outstanding, under the current legislation the landlord is entitled to calculate and charge a greater premium, based on a technical multiplication, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 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 ahead.

Lenders will not lend on a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably encounter problems where you want to sell your flat in Urmston if the remaining lease term is below the criteria set by most lenders. Different lenders have different criteria but on the whole they are looking for an unexpired term of at least 65 years.

What makes us experts in Urmston lease extensions?

The lawyers that we work with procure Urmston lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Urmston Lease Extension Example Cases:

Charlotte, Urmston, Greater Manchester,

Trailing protracted discussions with the landlord of her one bedroom flat in Urmston, Charlotte commenced the lease extension process as the 80 year mark was rapidly nearing. The legal work completed in February 2013. The landlord’s fees were kept to an absolute minimum.

Urmston case:

Last Christmas we were approach by Dr J Taylor , who was assigned a lease of a garden apartment in Urmston in August 1999. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar flats in Urmston with a long lease were in the region of £191,400. The mid-range ground rent payable was £55 invoiced yearly. The lease ended on 5 April 2080. Taking into account 54 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 plus costs.

Urmston case:

In 2014 we were e-mailed by Dr Michael Williams who, having bought a first floor flat in Urmston in August 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Identical flats in Urmston with a long lease were worth £295,000. The average amount of ground rent was £45 billed monthly. The lease concluded on 25 October 2100. Given that there were 74 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.