Why you should start your Wythenshawe lease extension

Top reasons for lease extension now:

A Wythenshawe leasehold property depreciates with the years remaining on the lease.

Wythenshawe leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Wythenshawe enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Wythenshawe you must see if your lease has between seventy and ninety years remaining. There are good reasons why a Wythenshawe flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is effected without delay

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

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties as and when you come to dispose of or remortgage your flat as it will be effectively unmortgageable. You might not have an immediate desire to sell but when you do your buyer must hold off for two years before they can exercise the right to a a lease extension.

Get in touch with one of our Wythenshawe lease extension solicitors or enfranchisement solicitors

Retaining our service gives you enhanced control over the value of your Wythenshawe leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Wythenshawe Lease Extension Case Summaries:

Theo, Wythenshawe, Greater Manchester

During the course of the last few months Theo, started to get close to the eighty-year threshold with the lease on his first floor flat in Wythenshawe. In buying his property 18 years ago, the length of the lease was of minimal bearing. Thankfully, he became aware that he would soon be paying way over the odds for a lease extension. Theo was able to extend his lease at the eleventh hour in January. Theo and the freeholder via the managing agents eventually agreed on an amount of £6,000 . If he had missed the deadline, the figure would have gone up by a minimum £875.

Wythenshawe case:

Dr D Ricardo owned a purpose-built flat in Wythenshawe in May 2005. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparable homes in Wythenshawe with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease ended on 9 April 2102. Given that there were 76 years left we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Wythenshawe case:

Last Winter we were e-mailed by Mr and Mrs. U Michel , who acquired a newly refurbished flat in Wythenshawe in April 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparable homes in Wythenshawe with a long lease were valued about £176,200. The average ground rent payable was £65 invoiced quarterly. The lease came to a finish on 22 April 2082. Considering the 56 years as a residual term we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 not including legals.