Why you should commence your Droylsden lease extension

Top reasons for lease extension now:

Increase your lease and increase your Droylsden property value

Droylsden leases on domestic properties are gradually losing value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Droylsden will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some cases you may not qualify. There are prescribed timetables and procedures to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to loan monies on a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Droylsden property being difficult to dispose of or refinance.

What makes us experts in Droylsden lease extensions?

The conveyancing solicitors that we work with procure Droylsden 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 conveyancer we work with provide it.

Droylsden Lease Extension Example Cases:

Shannon, Droylsden, Greater Manchester,

Following lengthy correspondence with the freeholder of her purpose-built flat in Droylsden, Shannon started the lease extension process just as the lease was coming close to the critical eighty-year mark. The lease extension completed in June 2014. The landlord’s fees were kept to an absolute minimum.

Droylsden case:

Mr T Martínez purchased a newly refurbished flat in Droylsden in April 2012. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar properties in Droylsden with an extended lease were valued around £210,000. The mid-range ground rent payable was £50 collected monthly. The lease came to a finish on 5 June 2106. Considering the 80 years unexpired we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.

Droylsden case:

In 2014 we were contacted by Mr Tyler Khan who, having acquired a newly refurbished flat in Droylsden in March 2005. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable properties in Droylsden with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £45 collected quarterly. The lease ran out in 2095. Considering the 69 years left we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.