Stop! Your Lease Extension in Rochdale Could Be FREE

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Many leaseholders in Rochdale are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Rochdale has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Rochdale lease extension

Main reasons to commence your Rochdale lease extension today:

A Rochdale leasehold property depreciates with the years remaining on the lease.

The market value of Rochdale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to loan monies on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this could result in your Rochdale property being difficult to dispose of or to obtain finance on.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Using our service gives you enhanced control over the value of your Rochdale leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Rochdale Lease Extension Case Studies:

Ibrahim, Rochdale, Greater Manchester,

Ibrahim owned a conversion apartment in Rochdale on the market with a lease of fraction over 59 years remaining. Ibrahim on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Rochdale case:

Last Autumn we were called by Mr and Mrs. C Torres , who bought a one bedroom flat in Rochdale in March 1998. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Rochdale with 100 year plus lease were in the region of £233,200. The average ground rent payable was £60 invoiced per annum. The lease terminated on 22 January 2087. Having 61 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 not including professional charges.

Rochdale case:

In 2014 we were e-mailed by Mr and Mrs. J Watson who, having purchased a ground floor flat in Rochdale in June 1996. The question was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Identical flats in Rochdale with 100 year plus lease were in the region of £171,800. The average ground rent payable was £55 invoiced yearly. The lease ran out on 11 May 2076. Having 50 years outstanding we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus fees.