Why you should start your Mossley lease extension

Top reasons for lease extension now:

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

The value of Mossley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Mossley with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not lend on a short lease

Lenders do not like short residential leases. You most probably encounter problems if you need to sell your flat in Mossley if the unexpired term of your lease is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Mossley?

Using our service gives you better control over the value of your Mossley leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish 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.

Mossley Lease Extension Case Studies:

Hunter, Mossley, Greater Manchester,

Hunter was the the leasehold proprietor of a conversion flat in Mossley on the market with a lease of a little over sixty years left. Hunter informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Hunter to exercise his statutory right. Hunter procured expert advice and was able to make an informed judgement and handle with the matter and sell the property.

Mossley case:

In 2012 we were e-mailed by Mr and Mrs. T Thomas who, having completed a purpose-built apartment in Mossley in September 2000. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative homes in Mossley with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease finished on 6 January 2106. Taking into account 80 years unexpired we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.

Mossley case:

Mr U Bertrand took over the lease of a purpose-built apartment in Mossley in March 2003. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparable premises in Mossley with 100 year plus lease were valued around £200,800. The average amount of ground rent was £65 invoiced monthly. The lease expired on 28 July 2086. Given that there were 60 years unexpired we calculated the premium to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of fees.