Top reasons for Romiley lease extension

Main reasons to commence your Romiley lease extension today:

Increase your lease and increase your Romiley property value

As the the remaining lease term of a Romiley residential lease lessens so does its value and therefore the value of your property. Where the lease has, over 100 years to run then this decrease may be negligible however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner rather than later. Most flat owners in Romiley will qualify for this right; nevertheless a conveyancing solicitor should be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Romiley property with a lease extension has roughly the same value as a freehold

Leasehold properties in Romiley with more than 100 years remaining on the lease are often referred to as ‘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 freehold unless savings on ground rent and estate charges justify it.

Lenders will not issue a mortgage with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Romiley were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Romiley lease extensions?

Lease extensions in Romiley can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.

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

Romiley Lease Extension Case Studies:

Alexandra, Romiley, Greater Manchester,

Following unsuccessful correspondence with the landlord of her purpose-built apartment in Romiley, Alexandra initiated the lease extension process as the eighty year deadline was rapidly advancing. The transaction was finalised in March 2006. The landlord’s fees were kept to an absolute minimum.

Romiley case:

Mr Jacob Collins completed a one bedroom apartment in Romiley in August 2000. We are asked if we could estimate the price would be to prolong the lease by an additional years. Comparable flats in Romiley with a long lease were worth £235,200. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish in 2092. Taking into account 66 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.

Romiley case:

Last Autumn we were e-mailed by Dr A Parker , who purchased a one bedroom flat in Romiley in June 2006. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Similar premises in Romiley with an extended lease were worth £275,000. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded on 24 April 2103. Given that there were 77 years unexpired we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.