Stop! Your Lease Extension in Macclesfield Could Be FREE

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Many leaseholders in Macclesfield 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 Macclesfield 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 start your Macclesfield lease extension

Why you should start your Macclesfield lease extension today:

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

Macclesfield residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Macclesfield with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to lend on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Macclesfield property becoming difficult to sell or to obtain finance on.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

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

Retaining our service gives you enhanced control over the value of your Macclesfield leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Macclesfield Lease Extension Example Cases:

Mollie, Macclesfield, Cheshire,

After lengthy negotiations with the landlord of her first floor apartment in Macclesfield, Mollie commenced the lease extension process as the 80 year deadline was fast coming. The lease extension was finalised in June 2013. The freeholder’s costs were kept to an absolute minimum.

Macclesfield case:

In 2013 we were e-mailed by Mrs Kayleigh Gunderson who, having purchased a basement apartment in Macclesfield in August 2011. The dilemma was if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative homes in Macclesfield with an extended lease were in the region of £246,800. The average ground rent payable was £60 invoiced monthly. The lease ran out in 2076. Considering the 50 years remaining we estimated the premium to the landlord to extend the lease to be between £44,700 and £51,600 not including professional charges.

Macclesfield case:

Last October we were contacted by Dr S García , who purchased a basement apartment in Macclesfield in September 2005. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical residencies in Macclesfield with an extended lease were worth £208,200. The average ground rent payable was £65 invoiced annually. The lease ran out on 9 November 2087. Taking into account 61 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 plus fees.