Why you should start your Partington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Partington property value

With a long leasehold property in Partington, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially when there are fewer than eighty years remaining. Residents in Partington with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. Once a lease has less than eighty years left, under the relevant Act the landlord can calculate and charge a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.

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

Leasehold premises in Partington with more than 100 years remaining 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not lend with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be deficient for lending purposes.

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

Lease extensions in Partington can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 Partington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Partington Lease Extension Case Summaries:

Rhiannon, Partington, Greater Manchester,

In the wake of 6 months of unsuccessful negotiations with the freeholder of her ground floor flat in Partington, Rhiannon started the lease extension process just as the lease was coming close to the all-important 80-year mark. The lease extension completed in August 2010. The landlord’s costs were negotiated to about 450 GBP.

Partington case:

Dr M Miller took over the lease of a one bedroom flat in Partington in September 2007. We are asked if we could approximate the price would be to extend the lease by 90 years. Identical homes in Partington with an extended lease were in the region of £285,000. The average ground rent payable was £55 collected quarterly. The lease terminated on 14 January 2105. Given that there were 79 years remaining we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of costs.

Partington case:

Last Christmas we were approach by Mr and Mrs. D Morris , who bought a one bedroom flat in Partington in October 2000. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Comparable flats in Partington with a long lease were worth £193,400. The mid-range ground rent payable was £65 billed per annum. The lease elapsed in 2085. Having 59 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus legals.