Why you should start your Openshaw lease extension

Top reasons for lease extension now:

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

Openshaw residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

It is generally accepted that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not grant a mortgage with a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. Historically mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Openshaw?

Lease extensions in Openshaw can be a difficult process. We recommend you procure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Openshaw lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Openshaw Lease Extension Example Cases:

Katie, Openshaw, Manchester,

Off the back of lengthy correspondence with the landlord of her first floor flat in Openshaw, Katie started the lease extension process as the eighty year mark was swiftly advancing. The lease extension completed in October 2007. The freeholder’s charges were kept to an absolute minimum.

Openshaw case:

Dr Luke Brooks bought a basement apartment in Openshaw in September 2001. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparable homes in Openshaw with 100 year plus lease were valued around £275,000. The mid-range amount of ground rent was £65 collected quarterly. The lease came to a finish on 8 November 2094. Taking into account 68 years left we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of costs.

Openshaw case:

In 2012 we were approached by Dr George King who, having completed a recently refurbished apartment in Openshaw in March 2004. We are asked if we could estimate the price could be to extend the lease by 90 years. Similar flats in Openshaw with 100 year plus lease were valued around £208,600. The average amount of ground rent was £60 invoiced monthly. The lease end date was on 20 November 2083. Taking into account 57 years remaining we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including expenses.