Why you should commence your Heaviley and Offerton lease extension

Why you should commence your Heaviley and Offerton lease extension today:

Increase your lease and increase your Heaviley and Offerton property value

For anyone whose Heaviley and Offerton home is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

Heaviley and Offerton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Heaviley and Offerton with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders will not lend with a short lease

Banks and building societies do not lend on short residential leases. You are likely to encounter problems where you wish to sell your flat in Heaviley and Offerton if the unexpired lease term is less than the criteria set by most banks and building societies. Different mortgage companies have different requirements but on the whole they are looking for an unexpired term of at least 65 years.

What makes us experts in Heaviley and Offerton lease extensions?

Engaging our service gives you better control over the value of your Heaviley and Offerton leasehold, as your property will be more valuable and saleable in respect of lease length should you wish 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.

Heaviley and Offerton Lease Extension Example Cases:

Kelsey, Heaviley and Offerton, Manchester,

Subsequent to unsuccessful discussions with the freeholder of her purpose-built flat in Heaviley and Offerton, Kelsey commenced the lease extension process as the 80 year deadline was rapidly coming. The lease extension was finalised in January 2011. The landlord’s costs were restricted to below 600 pounds.

Heaviley and Offerton case:

In 2009 we were phoned by Dr V Moore who, having purchased a one bedroom flat in Heaviley and Offerton in September 2001. The question was if we could estimate the price would likely be for a ninety year lease extension. Identical properties in Heaviley and Offerton with 100 year plus lease were valued about £168,800. The average amount of ground rent was £60 billed yearly. The lease terminated on 1 July 2081. Considering the 55 years outstanding we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.

Heaviley and Offerton case:

Mr Tyler Morel purchased a basement apartment in Heaviley and Offerton in May 2005. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical premises in Heaviley and Offerton with a long lease were valued about £235,200. The mid-range amount of ground rent was £45 collected yearly. The lease finished in 2092. Having 66 years left we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.