Why you should commence your Failsworth lease extension

Why you should start your Failsworth lease extension today:

Increase your lease and increase your Failsworth property value

Failsworth 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 the lease becomes more expensive. It is the case that most Failsworth tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Failsworth you would be well advised to investigate if your lease has between seventy and 90 years remaining. There are compelling reasons why a Failsworth flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lending institutions have specific criteria when lending monies charged on leasehold homes. Many will simply refuse lend at all once the remaining lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are wanting to remortgage your Failsworth home.

What makes us experts in Failsworth lease extensions?

Lease extensions in Failsworth can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 Failsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Failsworth Lease Extension Example Cases:

Jordan, Failsworth, Greater Manchester,

Off the back of unsuccessful correspondence with the freeholder of her purpose-built flat in Failsworth, Jordan started the lease extension process as the eighty year mark was swiftly advancing. The legal work was concluded in November 2007. The freeholder’s charges were restricted to approximately 500 pounds.

Failsworth case:

Last Autumn we were phoned by Mr and Mrs. P Adams , who bought a first floor flat in Failsworth in October 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Failsworth with a long lease were valued about £232,800. The average ground rent payable was £45 invoiced monthly. The lease terminated on 6 April 2091. Having 65 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.

Failsworth case:

Dr Georgia Dupont bought a newly refurbished flat in Failsworth in July 2002. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar residencies in Failsworth with an extended lease were in the region of £275,000. The average amount of ground rent was £55 billed monthly. The lease elapsed in 2102. Taking into account 76 years outstanding we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.