Eccles Lease Extension - Free Consultation

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Top reasons for Eccles lease extension


Main reasons to start your Eccles lease extension today:

Increase your lease and increase your Eccles property value

For those whose Eccles property is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to lend on a short lease

Most mortgage companies will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Eccles property becoming difficult to sell or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Eccles?

Lease extensions in Eccles can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Eccles lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Eccles Lease Extension Example Cases:

Elizabeth, Eccles, Greater Manchester,

Following unsuccessful negotiations with the freeholder of her purpose-built apartment in Eccles, Elizabeth commenced the lease extension process as the 80 year threshold was rapidly coming. The lease extension was concluded in January 2009. The freeholder’s costs were kept to an absolute minimum.

Eccles case:

In 2014 we were called by Mr and Mrs. S Miller who, having completed a studio flat in Eccles in August 2008. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative homes in Eccles with 100 year plus lease were worth £275,000. The average amount of ground rent was £45 billed annually. The lease came to a finish in 2093. Considering the 69 years remaining we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.

Eccles case:

Last month we were called by Mr Jack Alexander , who was assigned a lease of a basement apartment in Eccles in April 2009. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable premises in Eccles with a long lease were in the region of £216,000. The average ground rent payable was £60 invoiced annually. The lease finished in 2082. Considering the 58 years unexpired we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of expenses.