Top reasons for Eccles lease extension

Main reasons to commence your Eccles lease extension today:

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

Eccles leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Eccles enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Eccles you would be well advised to see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

Eccles property with a lease extension is almost 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 ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will cause difficulties as and when you come to dispose of or refinance your flat as it will be effectively unmortgageable. Even though you might not have an immediate intention to sell but when you do your buyer must wait a couple of years before they can exercise the right to a a lease extension.

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

The conveyancing solicitors that we work with procure Eccles 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 lawyer we work with provide it.

Eccles Lease Extension Example Cases:

Kirsty, Eccles, Greater Manchester,

After protracted discussions with the freeholder of her ground floor apartment in Eccles, Kirsty started the lease extension process as the 80 year deadline was rapidly coming. The legal work completed in August 2014. The landlord’s costs were negotiated to approximately five hundred GBP.

Eccles case:

Last month we were e-mailed by Mr and Mrs. V Jackson , who purchased a one bedroom apartment in Eccles in November 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparative homes in Eccles with an extended lease were valued around £208,600. The average ground rent payable was £60 billed yearly. The lease expired in 2083. Given that there were 57 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including legals.

Eccles case:

Dr Georgia Howard completed a one bedroom apartment in Eccles in January 1999. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Comparable premises in Eccles with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected yearly. The lease came to a finish in 2103. Given that there were 77 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.