Stop! Your Lease Extension in Salford Could Be FREE

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Many leaseholders in Salford 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 Salford 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 Salford lease extension

Main reasons to start your Salford lease extension today:

Increase your lease and increase your Salford property value

On the balance of probabilities where you own a flat in Salford you actually own a long leasehold interest over your property

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

Leasehold residencies in Salford with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may not finance a property with a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be conscious that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the financial worth of the property could suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

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.
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
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.

Why use us for your lease extension in Salford?

Regardless of whether you are a tenant or a landlord in Salford,the lease extension experts 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 Salford valuers.

Salford Lease Extension Case Summaries:

Toby, Salford, Greater Manchester,

Toby owned a conversion apartment in Salford on the market with a lease of just over fifty eight years outstanding. Toby on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Salford case:

Mrs Kayleigh Petit took over the lease of a one bedroom apartment in Salford in February 1999. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Similar properties in Salford with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 collected yearly. The lease lapsed in 2096. Having 70 years left we calculated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 not including legals.

Salford case:

In 2014 we were called by Mr and Mrs. F Patel who, having was assigned a lease of a ground floor apartment in Salford in April 2005. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Identical premises in Salford with 100 year plus lease were valued around £246,800. The mid-range ground rent payable was £60 collected per annum. The lease ended on 17 April 2076. Taking into account 50 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 plus costs.