Top reasons for Moston lease extension

Main reasons to start your Moston lease extension today:

Increase your lease and increase your Moston property value

Moston leases on domestic deteriorating in value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Moston will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain situations you may not be entitled. There are prescribed timetables and steps to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not finance a property with a short lease

The propensity since the credit crunch has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Moston?

The conveyancers that we work with procure Moston 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 conveyancer we work with provide it.

Moston Lease Extension Example Cases:

Benjamin, Moston, Greater Manchester

During the course of the last few months Benjamin, came perilously close to the eighty-year mark with the lease on his purpose- built flat in Moston. In buying his home 18 years ago, the length of the lease was of little interest. As luck would have it, he noticed he needed to take action soon on Extending the lease. Benjamin extended the lease just ahead of time last March. Benjamin and the landlord ultimately agreed on the final figure of £5,000 . If he not met the deadline, the amount would have increased by at least £1,075.

Moston case:

Last month we were e-mailed by Mr and Mrs. F Davis , who owned a purpose-built flat in Moston in January 2007. We are asked if we could estimate the price could be to extend the lease by an additional years. Comparative flats in Moston with an extended lease were valued about £205,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease lapsed in 2105. Taking into account 79 years left we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Moston case:

Last May we were called by Dr E Clarke , who moved into a ground floor apartment in Moston in January 1999. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in Moston with a long lease were valued about £275,000. The average amount of ground rent was £65 billed every twelve months. The lease finished on 11 October 2094. Considering the 68 years as a residual term we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.