Main reasons to start your Wythenshawe lease extension

Main reasons to commence your Wythenshawe lease extension today:

Increase your lease and increase your Wythenshawe property value

Wythenshawe residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

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

It is generally accepted 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 all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may cause difficulties once you come to dispose of or remortgage your flat as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your purchaser must hold off for 2 years before they can initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Wythenshawe?

Retaining our service will provide you enhanced control over the value of your Wythenshawe leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wythenshawe Lease Extension Example Cases:

Elizabeth, Wythenshawe, Greater Manchester,

In the wake of eight months of unsuccessful correspondence with the landlord of her one bedroom apartment in Wythenshawe, Elizabeth commenced the lease extension process just as the lease was coming close to the critical 80-year mark. The lease extension was finalised in February 2005. The landlord’s costs were kept to an absolute minimum.

Wythenshawe case:

Mr and Mrs. O Green purchased a basement flat in Wythenshawe in July 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Comparable flats in Wythenshawe with a long lease were valued about £176,200. The mid-range amount of ground rent was £65 billed annually. The lease came to a finish in 2082. Considering the 56 years remaining we calculated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 plus costs.

Wythenshawe case:

Mr and Mrs. G Morgan bought a basement flat in Wythenshawe in July 2006. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparative homes in Wythenshawe with a long lease were valued about £242,600. The mid-range ground rent payable was £45 billed monthly. The lease came to a finish in 2093. Having 67 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus expenses.