Top reasons for Lees and Moorside lease extension

Main reasons to commence your Lees and Moorside lease extension today:

Increase your lease and increase your Lees and Moorside property value

On the balance of probabilities if you own a flat in Lees and Moorside you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Lees and Moorside with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not finance a property on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. Given that many flats in Lees and Moorside were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Lees and Moorside?

The conveyancers that we work with undertake Lees and Moorside lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Lees and Moorside Lease Extension Example Cases:

George, Lees and Moorside, Manchester

Half a year ago George, came seriously near to the eighty-year threshold with the lease on his one bedroom apartment in Lees and Moorside. In buying his property 19 years ago, the lease term was of little relevance. Luckily, he noticed he needed to take steps soon on Extending the lease. George extended the lease just in the nick of time in May. George and the landlord ultimately settled on the final figure of £5,500 . If the lease had slid below eighty years, the price would have become more exhorbitant by a minimum £850.

Lees and Moorside case:

Mrs D Ward was assigned a lease of a one bedroom flat in Lees and Moorside in March 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Comparable homes in Lees and Moorside with a long lease were in the region of £191,000. The average amount of ground rent was £65 collected monthly. The lease expired in 2084. Considering the 58 years remaining we calculated the premium to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of expenses.

Lees and Moorside case:

In 2014 we were called by Mrs E Norbert who, having was assigned a lease of a one bedroom apartment in Lees and Moorside in May 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Identical homes in Lees and Moorside with a long lease were valued about £250,000. The mid-range ground rent payable was £50 collected every twelve months. The lease concluded in 2095. Having 69 years remaining we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.