Main reasons to start your Alderley Edge and Wilmslow lease extension

Top reasons for lease extension now:

Increase your lease and increase your Alderley Edge and Wilmslow property value

On the balance of probabilities where you own a flat in Alderley Edge and Wilmslow you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

The propensity since 2008 has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Alderley Edge and Wilmslow lease extensions?

The lawyers that we work with procure Alderley Edge and Wilmslow 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 lawyer we work with provide it.

Alderley Edge and Wilmslow Lease Extension Case Studies:

Finley, Alderley Edge and Wilmslow, Cheshire,

Finley was the the leasehold proprietor of a high value flat in Alderley Edge and Wilmslow on the market with a lease of a few days over 72 years unexpired. Finley on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Finley to invoke his statutory right. Finley obtained expert advice and was able to make an informed decision and deal with the matter and sell the property.

Alderley Edge and Wilmslow case:

In 2013 we were phoned by Mr B Moreau who, having purchased a basement flat in Alderley Edge and Wilmslow in February 1996. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative residencies in Alderley Edge and Wilmslow with an extended lease were valued around £240,600. The average amount of ground rent was £65 collected quarterly. The lease came to a finish in 2088. Taking into account 62 years left we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 not including legals.

Alderley Edge and Wilmslow case:

In 2013 we were phoned by Mr O François who, having was assigned a lease of a one bedroom apartment in Alderley Edge and Wilmslow in February 1999. The dilemma was if we could approximate the price would be to extend the lease by a further 90 years. Comparative residencies in Alderley Edge and Wilmslow with an extended lease were valued about £179,200. The average amount of ground rent was £55 collected every twelve months. The lease lapsed on 6 August 2077. Considering the 51 years remaining we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of fees.