Why you should start your Hazel Grove lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hazel Grove property value

The value of Hazel Grove leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Hazel Grove with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies would lend on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Hazel Grove lease extensions?

Irrespective of whether you are a tenant or a freeholder in Hazel Grove,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hazel Grove valuers.

Hazel Grove Lease Extension Example Cases:

Robyn, Hazel Grove, Greater Manchester,

Following lengthy discussions with the landlord of her leasehold apartment in Hazel Grove, Robyn commenced the lease extension process as the eighty year deadline was fast nearing. The lease extension completed in July 2014. The landlord’s fees were restricted to less than 550 pounds.

Hazel Grove case:

Last Summer we were phoned by Mr R Nelson , who bought a basement apartment in Hazel Grove in January 2010. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical premises in Hazel Grove with an extended lease were worth £208,200. The mid-range ground rent payable was £65 collected quarterly. The lease elapsed on 26 June 2087. Given that there were 61 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 plus professional charges.

Hazel Grove case:

Last Autumn we were contacted by Dr J Taylor , who purchased a basement apartment in Hazel Grove in November 1999. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar homes in Hazel Grove with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease ran out on 28 May 2098. Considering the 72 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.