Main reasons to commence your Rusholm lease extension

Main reasons to start your Rusholm lease extension today:

Increase your lease and increase your Rusholm property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Rusholm. Inevitably, the period of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the property needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Rusholm have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give due attention before putting off your Rusholm lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension

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

Leasehold residencies in Rusholm with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not finance a property with a short lease

The propensity since 2008 has been for lenders to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with 25 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 use a minimum term of 75 years as standard.

Why use us for your lease extension in Rusholm?

Lease extensions in Rusholm can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 Rusholm lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rusholm Lease Extension Example Cases:

Zachary, Rusholm, Manchester

Last October Zachary, started to get near to the 80-year threshold with the lease on his purpose- built flat in Rusholm. Having bought his property 18 years ago, the lease term was of no bearing. by good luck, he became aware that he would imminently be paying an inflated amount for a lease extension. Zachary was able to extend his lease just under the wire in September. Zachary and the landlord eventually settled on a premium of £5,500 . If the lease had slid to less than 80 years, the price would have escalated by a minimum £1,075.

Rusholm case:

Last May we were called by Mr Rory Roberts , who purchased a purpose-built apartment in Rusholm in February 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative residencies in Rusholm with 100 year plus lease were valued about £223,400. The average ground rent payable was £60 invoiced annually. The lease ran out in 2085. Considering the 59 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 exclusive of professional charges.

Rusholm case:

Ms Emma Vincent purchased a newly refurbished flat in Rusholm in May 2010. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparable flats in Rusholm with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 billed yearly. The lease elapsed on 23 April 2105. Having 79 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.