Why you should commence your Wythenshawe lease extension

Main reasons to start your Wythenshawe lease extension today:

Increase your lease and increase your Wythenshawe property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Wythenshawe may extend the lease for an additional ninety years under legislation. Do think carefully before delaying your Wythenshawe lease extension. Shelving that expense now simply escalates the price you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold properties in Wythenshawe with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to loan monies on a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term drops lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to remortgage your Wythenshawe property.

What makes us experts in Wythenshawe lease extensions?

The conveyancing solicitors that we work with procure Wythenshawe 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.

Wythenshawe Lease Extension Example Cases:

Chantelle, Wythenshawe, Greater Manchester,

Off the back of protracted correspondence with the landlord of her garden flat in Wythenshawe, Chantelle initiated the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The lease extension was concluded in May 2008. The freeholder’s charges were kept to an absolute minimum.

Wythenshawe case:

In 2013 we were e-mailed by Ms Shannon Sharif who, having acquired a one bedroom apartment in Wythenshawe in September 2007. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Similar homes in Wythenshawe with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 invoiced quarterly. The lease concluded in 2086. Considering the 60 years outstanding we calculated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including expenses.

Wythenshawe case:

Mr and Mrs. C Ward owned a studio flat in Wythenshawe in September 2011. We are asked if we could approximate the price would be for a 90 year extension to my lease. Comparative flats in Wythenshawe with a long lease were valued about £255,000. The mid-range amount of ground rent was £50 invoiced annually. The lease came to a finish on 14 June 2097. Taking into account 71 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.