Top reasons for Didsbury lease extension

Main reasons to start your Didsbury lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Didsbury have the legal entitlement to extend the lease for an additional 90 years under legislation. Do think carefully before delaying your Didsbury lease extension. Putting off the costs today simply increases the amount you will eventually have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

Banks and building societies are tightening their criteria and many now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Considering plenty of flats in Didsbury were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Didsbury lease extensions?

Regardless of whether you are a tenant or a landlord in Didsbury,the lease extension experts 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:

Sarah, Didsbury, Greater Manchester,

Following protracted correspondence with the freeholder of her leasehold apartment in Didsbury, Sarah initiated the lease extension process as the 80 year mark was rapidly nearing. The legal work was concluded in May 2008. The landlord’s costs were kept to an absolute minimum.

Didsbury case:

Mrs R Khan took over the lease of a one bedroom apartment in Didsbury in April 2005. The question was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparable properties in Didsbury with a long lease were valued around £280,000. The average amount of ground rent was £45 invoiced per annum. The lease expired in 2095. Having 69 years as a residual term we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus legals.

Didsbury case:

In 2014 we were phoned by Mr M Patel who, having completed a garden apartment in Didsbury in September 2000. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable properties in Didsbury with a long lease were in the region of £216,000. The mid-range amount of ground rent was £60 collected every twelve months. The lease elapsed in 2084. Given that there were 58 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.