Top reasons for Moston lease extension

Why you should start your Moston lease extension today:

Increase your lease and increase your Moston property value

With a long leasehold premises in Moston, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Leasehold owners in Moston with a lease approaching 81 years remaining should seriously consider extending it sooner rather than later. Once the lease term has below eighty years outstanding, under the relevant legislation the landlord is entitled to calculate and levy a larger premium, based on a technical calculation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders will not finance a property on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years left at the expiry of the mortgage. Given that plenty of flats in Moston were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

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

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

Moston Lease Extension Case Studies:

Isabel, Moston, Greater Manchester,

Trailing protracted discussions with the freeholder of her first floor apartment in Moston, Isabel initiated the lease extension process as the eighty year deadline was fast advancing. The lease extension completed in July 2011. The landlord’s fees were kept to an absolute minimum.

Moston case:

Last March we were called by Ms Georgia Lambert , who completed a basement apartment in Moston in February 2006. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative premises in Moston with an extended lease were in the region of £275,000. The average ground rent payable was £65 billed annually. The lease elapsed on 1 June 2094. Taking into account 68 years outstanding we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of legals.

Moston case:

Mr and Mrs. G Young took over the lease of a one bedroom flat in Moston in October 2008. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Similar residencies in Moston with a long lease were valued about £208,600. The average amount of ground rent was £60 billed annually. The lease terminated in 2083. Having 57 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including expenses.