Main reasons to commence your Eccles lease extension

Main reasons to start your Eccles lease extension today:

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

For anyone whose Eccles home is held on a long lease, the message is clear – if no remedial action is taken, the 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 procure a lease extension.

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

It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders will not loan monies with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Eccles were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

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

Engaging our service gives you increased control over the value of your Eccles leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Eccles Lease Extension Case Summaries:

Rory, Eccles, Greater Manchester,

Rory was the the leasehold owner of a studio apartment in Eccles being marketed with a lease of a few days over fifty eight years left. Rory informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Rory to exercise his statutory right. Rory procured expert legal guidance and secured satisfactory resolution without going to tribunal and sell the flat.

Eccles case:

In 2013 we were phoned by Dr V Simon who, having took over the lease of a garden apartment in Eccles in November 2010. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Eccles with a long lease were valued about £233,200. The mid-range amount of ground rent was £60 collected monthly. The lease ended in 2087. Having 61 years remaining we estimated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including professional charges.

Eccles case:

Dr Elijah Laurent purchased a one bedroom apartment in Eccles in September 2004. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Identical premises in Eccles with a long lease were valued around £171,800. The mid-range amount of ground rent was £55 billed per annum. The lease came to a finish in 2076. Given that there were 50 years left we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 not including legals.