Why you should start your Bury lease extension

Main reasons to start your Bury lease extension today:

Increase your lease and increase your Bury property value

Bury residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

Bury property with a lease extension is almost the same value as a freehold

Leasehold residencies in Bury with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Bury if the remaining lease term is below the criteria set by most banks and building societies. Different lenders have different criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Bury lease extensions?

Engaging our service gives you increased control over the value of your Bury leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bury Lease Extension Case Summaries:

Toby, Bury, Greater Manchester,

Toby was the the leasehold owner of a studio flat in Bury on the market with a lease of fraction over fifty eight years left. Toby informally approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be payable on a lease extension were Toby to invoke his statutory right. Toby obtained expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Bury case:

Last Autumn we were called by Dr Cameron André , who acquired a ground floor flat in Bury in February 2011. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Identical flats in Bury with an extended lease were worth £285,000. The average amount of ground rent was £45 billed annually. The lease expired on 13 April 2098. Considering the 72 years outstanding we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.

Bury case:

Ms Holly Hernández acquired a first floor flat in Bury in January 2006. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable flats in Bury with a long lease were valued about £233,200. The mid-range ground rent payable was £60 collected yearly. The lease ran out on 18 January 2087. Taking into account 61 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 not including expenses.