Main reasons to start your Didsbury lease extension

Why you should commence your Didsbury lease extension today:

A Didsbury leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Didsbury. Inevitably, the length of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the flat or house has to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Didsbury have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Do give careful consideration before putting off your Didsbury lease extension. Putting off the cost now only increases the price you will ultimately incur for a lease extension

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

Leasehold premises in Didsbury with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes beneath a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your Didsbury home.

Get in touch with one of our Didsbury lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Didsbury,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Didsbury valuers.

Didsbury Lease Extension Case Summaries:

Rebecca, Didsbury, Greater Manchester,

Off the back of unsuccessful negotiations with the freeholder of her one bedroom apartment in Didsbury, Rebecca started the lease extension process just as the lease was approaching the crucial 80-year deadline. The legal work was concluded in June 2014. The landlord’s costs were kept to an absolute minimum.

Didsbury case:

Last Spring we were e-mailed by Dr Olivia Davies , who acquired a purpose-built apartment in Didsbury in September 2003. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Similar flats in Didsbury with 100 year plus lease were in the region of £257,800. The average ground rent payable was £65 collected quarterly. The lease expired on 25 August 2091. Having 65 years outstanding we estimated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 plus costs.

Didsbury case:

In 2009 we were phoned by Mr and Mrs. U Wright who, having purchased a recently refurbished apartment in Didsbury in April 1995. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparative premises in Didsbury with an extended lease were in the region of £196,400. The mid-range ground rent payable was £55 invoiced annually. The lease elapsed in 2080. Considering the 54 years unexpired we approximated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 not including costs.