Top reasons for Didsbury lease extension

Why you should commence your Didsbury lease extension today:

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

For anyone whose Didsbury property is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the value of the property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Didsbury?

The conveyancers that we work with handle Didsbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Didsbury Lease Extension Case Summaries:

Emma, Didsbury, Greater Manchester,

Off the back of protracted negotiations with the freeholder of her leasehold flat in Didsbury, Emma commenced the lease extension process as the eighty year threshold was fast nearing. The legal work was finalised in September 2007. The landlord’s charges were negotiated to below 650 pounds.

Didsbury case:

In 2011 we were contacted by Ms V Wood who, having moved into a garden apartment in Didsbury in May 1998. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparable residencies in Didsbury with 100 year plus lease were in the region of £290,000. The average ground rent payable was £45 invoiced every twelve months. The lease terminated on 19 March 2099. Having 73 years unexpired we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.

Didsbury case:

In 2009 we were phoned by Mr and Mrs. I López who, having purchased a ground floor flat in Didsbury in September 2005. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Didsbury with 100 year plus lease were valued around £240,600. The mid-range amount of ground rent was £65 billed annually. The lease lapsed on 11 August 2088. Taking into account 62 years left we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 not including expenses.