Main reasons to commence your Gatley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Gatley property value

As the the remaining lease term of a Gatley domestic lease decreases so does its value and therefore the value of your property. Where the lease has, beyond 100 years to run then this decrease may be of little impact however there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner than later. The majority of flat owners in Gatley will meet the qualifying criteria; that being said a conveyancer can confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not grant a mortgage on 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 jittery at around 75 years. This will cause difficulties once you need to sell or remortgage your property as it will be practically unmortgageable. You might not have an imminent plan to sell but when you do your buyer must hold off for a couple of years before they can initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Gatley?

Lease extensions in Gatley can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

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 a wealth of experience procuring Gatley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gatley Lease Extension Example Cases:

Kelsey, Gatley, Greater Manchester,

Subsequent to unsuccessful negotiations with the landlord of her ground floor apartment in Gatley, Kelsey commenced the lease extension process just as the lease was coming close to the all-important 80-year deadline. The transaction completed in June 2010. The landlord’s charges were restricted to less than five hundred pounds.

Gatley case:

Last month we were e-mailed by Mr and Mrs. N Watson , who was assigned a lease of a ground floor apartment in Gatley in March 1998. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Similar homes in Gatley with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 invoiced annually. The lease lapsed on 3 February 2106. Given that there were 80 years unexpired we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.

Gatley case:

Last Christmas we were e-mailed by Mrs L Jackson , who completed a basement apartment in Gatley in November 2006. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable properties in Gatley with an extended lease were valued about £280,000. The average amount of ground rent was £45 collected every twelve months. The lease concluded in 2095. Taking into account 69 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of legals.