Why you should start your Eccles lease extension

Why you should start your Eccles lease extension today:

Increase your lease and increase your Eccles property value

Eccles leases on domestic deteriorating in value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Eccles will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.

Eccles property with a lease extension is almost the same value as a freehold

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

Lenders may not finance a property on a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties where you want to sell your flat in Eccles if the remaining lease term is less than the criteria set by most banks and building societies. Different lenders have different criteria but generally theyrequire an unexpired term of at least seventy years.

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

Lease extensions in Eccles can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.

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 in-depth market knowledge 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:

Amelia, Eccles, Greater Manchester,

Subsequent to protracted discussions with the freeholder of her two bedroom apartment in Eccles, Amelia initiated the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction was concluded in March 2007. The freeholder’s costs were restricted to below 650 GBP.

Eccles case:

Mr and Mrs. B Phillips bought a basement flat in Eccles in January 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparable flats in Eccles with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease ran out on 26 May 2102. Given that there were 76 years left we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.

Eccles case:

Last month we were called by Mr and Mrs. N Fournier , who purchased a first floor flat in Eccles in May 2001. The question was if we could estimate the premium could be for a ninety year extension to my lease. Similar residencies in Eccles with a long lease were valued around £257,800. The mid-range ground rent payable was £65 invoiced every twelve months. The lease expired in 2091. Taking into account 65 years as a residual term we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 plus legals.