Top reasons for Walkden lease extension

Why you should start your Walkden lease extension today:

Increase your lease and increase your Walkden property value

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Walkden have the legal entitlement to extend the lease for an additional ninety years under statute. Please think carefully before delaying your Walkden lease extension. Postponing the costs now simply increases the amount you will eventually have to pay to extend the lease.

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders may not issue a mortgage on a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter problems where you want to sell your flat in Walkden if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Walkden lease extensions?

Lease extensions in Walkden can be a difficult process. We recommend you procure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Walkden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Walkden Lease Extension Example Cases:

Lily, Walkden, Greater Manchester,

Off the back of protracted negotiations with the landlord of her basement apartment in Walkden, Lily commenced the lease extension process as the eighty year threshold was swiftly coming. The lease extension completed in February 2011. The landlord’s fees were kept to an absolute minimum.

Walkden case:

Last Christmas we were contacted by Mr Alexander Simon , who purchased a one bedroom apartment in Walkden in July 2000. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Comparative residencies in Walkden with 100 year plus lease were valued about £183,600. The average ground rent payable was £65 invoiced quarterly. The lease came to a finish on 24 October 2083. Taking into account 57 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.

Walkden case:

In 2012 we were called by Dr Caleb Dupont who, having moved into a ground floor apartment in Walkden in July 2010. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Similar flats in Walkden with 100 year plus lease were valued around £250,000. The mid-range amount of ground rent was £50 collected yearly. The lease elapsed in 2094. Having 68 years left we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.