Stop! Your Lease Extension in Eccles Could Be FREE

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Many leaseholders in Eccles are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Eccles has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Eccles lease extension

Main reasons to start your Eccles lease extension today:

Increase your lease and increase your Eccles property value

The value of Eccles leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may not finance a property on a short lease

Banks and building societies do not lend on short residential leases. You are likely to experience problems if you wish to sell your flat in Eccles if the remaining term of your lease is less than the criteria set by most lenders. Different mortgage companies have varying requirements but in the main theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Eccles?

Retaining 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 want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Eccles Lease Extension Example Cases:

Hunter, Eccles, Greater Manchester

During the course of the last few months Hunter, started to get close to the eighty-year threshold with the lease on his two bedroom apartment in Eccles. In buying his home 19 years previously, the length of the lease was of little concern. Fortunately, he noticed he would imminently be paying an inflated amount for a lease extension. Hunter extended the lease just in the nick of time in June. Hunter and the landlord in the end agreed on the final figure of £5,500 . If the lease had dropped to less than 80 years, the premium would have increased by a minimum £1,050.

Eccles case:

In 2010 we were e-mailed by Mrs K Stewart who, having completed a purpose-built flat in Eccles in February 2007. The question was if we could approximate the price would be for a ninety year lease extension. Comparable homes in Eccles with an extended lease were in the region of £181,600. The average ground rent payable was £55 invoiced annually. The lease finished in 2078. Having 52 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus expenses.

Eccles case:

Mr and Mrs. E Green was assigned a lease of a first floor apartment in Eccles in October 2005. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparable flats in Eccles with 100 year plus lease were valued around £290,000. The average ground rent payable was £45 collected quarterly. The lease ran out on 23 April 2098. Considering the 72 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus professional charges.