Top reasons for Leigh lease extension

Top reasons for lease extension now:

Increase your lease and increase your Leigh property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Leigh have the legal entitlement to extend the lease for a further ninety years under statute. Do think carefully before delaying your Leigh lease extension. Postponing the costs today simply increases the price you will eventually be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Leigh with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may decide not to lend with a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties where you want to sell your flat in Leigh if the unexpired lease term is under the criteria set by the majority of lenders. Different lenders have varying criteria but generally theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Leigh lease extensions?

Regardless of whether you are a tenant or a landlord in Leigh,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 in-depth market knowledge and the close ties they enjoy with Leigh valuers.

Leigh Lease Extension Example Cases:

Eliot, Leigh, Greater Manchester

Half a year ago Eliot, came dangerously close to the eighty-year mark with the lease on his leasehold apartment in Leigh. In buying his property twenty years previously, the unexpired term was of minimal interest. Thankfully, he realised he would soon be paying an escalated premium for Extending the lease. Eliot was able to extend his lease at the eleventh hour in September. Eliot and the landlord in the end agreed on an amount of £6,000 . If he not met the deadline, the amount would have gone up by at least £1,075.

Leigh case:

Last September we were approach by Dr K Taylor , who purchased a basement apartment in Leigh in February 2001. The question was if we could estimate the premium could be to extend the lease by 90 years. Comparative homes in Leigh with a long lease were in the region of £205,000. The average ground rent payable was £50 invoiced annually. The lease ran out in 2105. Having 79 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.

Leigh case:

In 2011 we were contacted by Ms I Davis who, having was assigned a lease of a one bedroom apartment in Leigh in September 2007. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Leigh with a long lease were valued around £275,000. The mid-range amount of ground rent was £65 collected per annum. The lease terminated on 1 January 2094. Having 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.