Why you should start your Atherton lease extension

Main reasons to start your Atherton lease extension today:

Increase your lease and increase your Atherton property value

Atherton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Atherton tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Atherton you would be well advised to investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Atherton flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is actioned without delay

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

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be inadequate for lending purposes.

Why use us for your lease extension in Atherton?

Lease extensions in Atherton can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 in-depth market knowledge dealing with Atherton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Atherton Lease Extension Case Summaries:

Jacob, Atherton, Greater Manchester,

Jacob owned a high value flat in Atherton on the market with a lease of a little over 59 years outstanding. Jacob informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be payable on a lease extension were Jacob to invoke his statutory right. Jacob obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.

Atherton case:

In 2009 we were phoned by Mr and Mrs. T Wood who, having owned a ground floor apartment in Atherton in March 2006. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Atherton with an extended lease were in the region of £243,000. The mid-range amount of ground rent was £65 billed quarterly. The lease ran out in 2089. Having 63 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 exclusive of fees.

Atherton case:

Last year we were contacted by Mr J Lefèvre , who completed a garden apartment in Atherton in March 2008. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparable premises in Atherton with an extended lease were valued around £181,600. The mid-range amount of ground rent was £55 collected monthly. The lease came to a finish in 2078. Given that there were 52 years unexpired we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 not including costs.