Stop! Your Lease Extension in Levenshulme Could Be FREE

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Many leaseholders in Levenshulme are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Levenshulme has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Levenshulme lease extension

Top reasons for lease extension now:

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

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

Levenshulme property with a lease extension is almost the same value as a freehold

Leasehold properties in Levenshulme with over one hundred years outstanding on the lease are often 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 to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to lend with a short lease

Banks and building societies are really restricting their approach as regards to homes in Levenshulme with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of prospective purchasers.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Levenshulme?

Using our service gives you better control over the value of your Levenshulme leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Levenshulme Lease Extension Case Summaries:

Ryan, Levenshulme, Greater Manchester,

Ryan was the the leasehold owner of a high value flat in Levenshulme being sold with a lease of fraction over sixty years unexpired. Ryan informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Ryan to exercise his statutory right. Ryan obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Levenshulme case:

Mrs B Jones moved into a studio flat in Levenshulme in June 1996. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative premises in Levenshulme with 100 year plus lease were worth £183,600. The average ground rent payable was £65 billed monthly. The lease finished in 2083. Considering the 57 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of fees.

Levenshulme case:

Last month we were e-mailed by Dr Kai Kelly , who acquired a recently refurbished apartment in Levenshulme in September 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Comparable homes in Levenshulme with an extended lease were worth £245,000. The mid-range ground rent payable was £50 billed annually. The lease elapsed on 19 April 2094. Having 68 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.