Leigh Lease Extension - Free Consultation

Before you progress with your lease extension in Leigh
Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should start your Leigh lease extension


Main reasons to commence your Leigh lease extension today:

A Leigh lease depreciates with the years remaining on the lease.

As the length of the unexpired term of a Leigh domestic lease diminished so does its value and therefore the value of your property. If the residual term has, more than 125 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Leigh will qualify for this right; however a lawyer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

Many banks and building societies will not lend on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will no doubt find it difficult to obtain a mortgage and this will result in your Leigh property becoming difficult to dispose of or remortgage.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Leigh?

Irrespective of whether you are a tenant or a freeholder 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 experience and the close ties they enjoy with Leigh valuers.

Leigh Lease Extension Example Cases:

Isabelle, Leigh, Greater Manchester,

Off the back of protracted discussions with the freeholder of her two bedroom apartment in Leigh, Isabelle commenced the lease extension process just as her lease was nearing the critical eighty-year threshold. The legal work was finalised in June 2005. The landlord’s fees were restricted to about six hundred GBP.

Leigh case:

Last Summer we were approach by Mr F Ali , who took over the lease of a basement apartment in Leigh in July 2003. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparable premises in Leigh with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected yearly. The lease expired in 2105. Considering the 80 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Leigh case:

In 2014 we were phoned by Dr E Díaz who, having was assigned a lease of a studio flat in Leigh in April 2010. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparable premises in Leigh with 100 year plus lease were in the region of £275,000. The average ground rent payable was £45 invoiced yearly. The lease ended on 3 October 2094. Taking into account 69 years remaining we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.