Main reasons to commence your Reddish lease extension

Why you should commence your Reddish lease extension today:

Increase your lease and increase your Reddish property value

The only way is down when it comes to Reddish lease terms. Reddish properties that have a lease term less than than 80 years will reduce in market price at a rapid rate, and the cost of extending your lease will increase.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Reddish home.

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

Lease extensions in Reddish can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Reddish lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Reddish Lease Extension Example Cases:

Felix, Reddish, Greater Manchester

Half a year ago Felix, started to get near to the eighty-year mark with the lease on his garden flat in Reddish. Having bought his home twenty years previously, the length of the lease was of no importance. by good luck, he recognised he would soon be paying an escalated premium for Extending the lease. Felix was able to extend his lease just under the wire last July. Felix and the freeholder via the managing agents in the end settled on sum of £5,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,050.

Reddish case:

Last Summer we were phoned by Mr and Mrs. I James , who took over the lease of a basement flat in Reddish in April 2004. The question was if we could estimate the premium would be to extend the lease by a further 90 years. Similar premises in Reddish with an extended lease were worth £255,000. The mid-range ground rent payable was £50 billed per annum. The lease finished in 2096. Having 70 years remaining we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.

Reddish case:

Last September we were phoned by Mr Kai Hernández , who completed a basement apartment in Reddish in March 2005. The dilemma was if we could approximate the price could be to extend the lease by an additional years. Identical premises in Reddish with an extended lease were valued about £246,800. The mid-range amount of ground rent was £60 billed per annum. The lease expiry date was in 2076. Taking into account 50 years remaining we calculated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 plus costs.