Stop! Your Lease Extension in Rusholme Could Be FREE

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Many leaseholders in Rusholme 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 Rusholme 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 start your Rusholme lease extension

Top reasons for lease extension now:

A Rusholme lease depreciates with the years remaining on the lease.

For anyone whose Rusholme home is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

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

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

Mortgage lenders will not grant a mortgage on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Rusholme property becoming difficult to dispose of or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

What makes us experts in Rusholme lease extensions?

Regardless of whether you are a tenant or a landlord in Rusholme,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Rusholme valuers.

Rusholme Lease Extension Example Cases:

Bethany, Rusholme, Greater Manchester,

Off the back of unsuccessful discussions with the freeholder of her studio flat in Rusholme, Bethany initiated the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction was finalised in November 2014. The landlord’s fees were restricted to approximately four hundred GBP.

Rusholme case:

Last Winter we were approach by Mr and Mrs. U Harris , who took over the lease of a first floor apartment in Rusholme in July 2000. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparative flats in Rusholme with an extended lease were valued around £235,200. The mid-range amount of ground rent was £45 billed quarterly. The lease lapsed on 19 March 2092. Having 66 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.

Rusholme case:

Mr and Mrs. H Mitchell bought a purpose-built apartment in Rusholme in October 1996. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Rusholme with an extended lease were worth £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish on 16 November 2103. Taking into account 77 years left we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of expenses.