Main reasons to commence your Levenshulme lease extension

Main reasons to commence your Levenshulme lease extension today:

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

Levenshulme leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Levenshulme will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lenders may not finance a property with a short lease

Nearly all mortgage lenders will be unwilling to lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Levenshulme property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our Levenshulme lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Levenshulme 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 conveyancing solicitor we work with provide it.

Levenshulme Lease Extension Example Cases:

Jessica, Levenshulme, Greater Manchester,

In the wake of eight months of unsuccessful negotiations with the landlord of her leasehold flat in Levenshulme, Jessica commenced the lease extension process as the eighty year threshold was fast advancing. The lease extension completed in April 2014. The freeholder’s costs were kept to an absolute minimum.

Levenshulme case:

Dr C Díaz acquired a first floor apartment in Levenshulme in July 1995. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Similar flats in Levenshulme with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 billed per annum. The lease termination date was in 2098. Considering the 72 years as a residual term we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.

Levenshulme case:

Ms T Reed completed a one bedroom apartment in Levenshulme in February 1999. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Comparative properties in Levenshulme with an extended lease were worth £261,600. The average amount of ground rent was £60 billed quarterly. The lease end date was on 17 February 2078. Taking into account 52 years outstanding we estimated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 exclusive of professional charges.