Main reasons to commence your Bredbury lease extension

Main reasons to commence your Bredbury lease extension today:

Increase your lease and increase your Bredbury property value

The only way is down when it comes to Bredbury lease terms. Bredbury flats that have a remaining term lower than eighty years will reduce in market price even faster, and the cost of extending your lease will increase.

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties once you wish to sell or remortgage your property as it will be effectively unmortgageable. Even though you might not have an immediate desire to sell but when you do your purchaser must wait two years before they can initiate the legal procedures for a lease extension.

What makes us experts in Bredbury lease extensions?

Lease extensions in Bredbury can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.

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 Bredbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bredbury Lease Extension Example Cases:

Jack, Bredbury, Manchester

Two years ago Jack, started to get close to the 80-year threshold with the lease on his two bedroom flat in Bredbury. In buying his flat 19 years previously, the lease term was of minimal relevance. As luck would have it, he realised he would imminently be paying an escalated premium for Extending the lease. Jack was able to extend his lease just ahead of time last August. Jack and the freeholder subsequently settled on sum of £6,000 . If he failed to meet the deadline, the amount would have increased by at least £1,025.

Bredbury case:

Last year we were called by Dr H Simon , who bought a one bedroom flat in Bredbury in January 2002. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparable residencies in Bredbury with a long lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed per annum. The lease terminated in 2106. Taking into account 80 years remaining we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.

Bredbury case:

Mr U Martínez moved into a first floor apartment in Bredbury in January 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable flats in Bredbury with an extended lease were in the region of £280,000. The average amount of ground rent was £45 collected every twelve months. The lease termination date was on 11 August 2095. Having 69 years left we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of fees.