Why you should start your Birch and Middleton lease extension

Main reasons to start your Birch and Middleton lease extension today:

A Birch and Middleton leasehold property depreciates with the years remaining on the lease.

The market value of Birch and Middleton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Birch and Middleton with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not grant a mortgage with a short lease

Lending institutions have specific criteria when lending funds charged on leasehold homes. Some will simply refuse lend at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Birch and Middleton home.

Why use us for your lease extension in Birch and Middleton?

Irrespective of whether you are a tenant or a landlord in Birch and Middleton,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Birch and Middleton valuers.

Birch and Middleton Lease Extension Example Cases:

Freya, Birch and Middleton, Manchester,

After unsuccessful negotiations with the landlord of her ground floor apartment in Birch and Middleton, Freya started the lease extension process just as the lease was nearing the critical eighty-year deadline. The legal work was finalised in November 2008. The landlord’s charges were kept to an absolute minimum.

Birch and Middleton case:

Mr and Mrs. U Thompson owned a studio apartment in Birch and Middleton in October 2009. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable properties in Birch and Middleton with a long lease were in the region of £189,000. The average ground rent payable was £55 billed per annum. The lease lapsed on 22 November 2079. Having 53 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 plus legals.

Birch and Middleton case:

Mr Alfie Morris moved into a first floor apartment in Birch and Middleton in October 2007. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Identical properties in Birch and Middleton with a long lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease came to a finish in 2099. Considering the 73 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.