Why you should start your Heaton Moor lease extension

Main reasons to commence your Heaton Moor lease extension today:

A Heaton Moor leasehold property depreciates with the years remaining on the lease.

Heaton Moor 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 becomes more expensive. Most owners of residential leasehold property in Heaton Moor enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Heaton Moor you really ought to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Heaton Moor flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is effected without delay

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

Leasehold residencies in Heaton Moor with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions will not issue a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to homes in Heaton Moor with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of potential buyers.

Why use us for your lease extension in Heaton Moor?

Engaging our service will provide you increased control over the value of your Heaton Moor leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Heaton Moor Lease Extension Case Summaries:

Millie, Heaton Moor, Greater Manchester,

Subsequent to unsuccessful correspondence with the freeholder of her one bedroom apartment in Heaton Moor, Millie started the lease extension process just as her lease was coming close to the all-important 80-year threshold. The legal work was finalised in June 2005. The freeholder’s costs were kept to an absolute minimum.

Heaton Moor case:

Mrs Caitlin Bernard was assigned a lease of a one bedroom apartment in Heaton Moor in September 1997. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Identical premises in Heaton Moor with 100 year plus lease were worth £270,000. The mid-range ground rent payable was £65 invoiced annually. The lease end date was on 4 March 2094. Given that there were 68 years remaining we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.

Heaton Moor case:

Last Spring we were called by Dr Liam Edwards , who was assigned a lease of a garden apartment in Heaton Moor in March 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Similar homes in Heaton Moor with a long lease were worth £208,600. The average amount of ground rent was £60 billed monthly. The lease expired in 2083. Considering the 57 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 plus costs.