Why you should commence your Levenshulme lease extension

Main reasons to commence your Levenshulme lease extension today:

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

Chances are that where you own a flat in Levenshulme you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

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

Banks and Building Societies will not issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to purchase your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of the property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Levenshulme lease extensions?

Retaining our service will provide you better control over the value of your Levenshulme leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Levenshulme Lease Extension Example Cases:

Noah, Levenshulme, Greater Manchester

Last October Noah, started to get close to the 80-year mark with the lease on his studio flat in Levenshulme. Having purchased his flat two decades ago, the unexpired term was of minimal importance. by good luck, it dawned on him that he needed to take action soon on Extending the lease. Noah was able to extend his lease at the eleventh hour last June. Noah and the landlord who owned the flat above in the end settled on an amount of £5,500 . If he had missed the deadline, the amount would have escalated by at least £850.

Levenshulme case:

In 2014 we were approached by Ms Molly Alexander who, having owned a basement flat in Levenshulme in October 1996. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparative homes in Levenshulme with an extended lease were valued around £264,000. The average ground rent payable was £60 billed every twelve months. The lease ended on 26 March 2079. Given that there were 53 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 plus legals.

Levenshulme case:

In 2009 we were phoned by Mrs Leah Phillips who, having bought a one bedroom apartment in Levenshulme in November 1997. The question was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Identical homes in Levenshulme with 100 year plus lease were in the region of £225,400. The average amount of ground rent was £45 billed yearly. The lease lapsed on 27 November 2090. Considering the 64 years outstanding we estimated the compensation to the landlord for the lease extension to be within £16,200 and £18,600 plus professional charges.