Top reasons for Salford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Salford property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Salford have the right to extend the lease for a further 90 years in accordance with statute. Please give careful consideration before delaying your Salford lease extension. Putting off that expense now simply escalates the premium you will eventually be required to pay to extend the lease.

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

Leasehold premises in Salford with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not issue a mortgage with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your Salford property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Salford?

Lease extensions in Salford can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 Salford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Salford Lease Extension Example Cases:

Zoe, Salford, Greater Manchester,

Subsequent to protracted correspondence with the freeholder of her ground floor apartment in Salford, Zoe initiated the lease extension process as the 80 year mark was rapidly nearing. The lease extension was finalised in May 2007. The freeholder’s fees were kept to an absolute minimum.

Salford case:

Mrs R Allen completed a first floor apartment in Salford in November 2006. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Comparable homes in Salford with a long lease were worth £227,800. The mid-range amount of ground rent was £45 collected every twelve months. The lease came to a finish on 22 July 2091. Given that there were 65 years remaining we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of costs.

Salford case:

Last Winter we were called by Dr Harvey Harris , who bought a first floor flat in Salford in October 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Similar homes in Salford with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 billed every twelve months. The lease elapsed in 2102. Taking into account 76 years remaining we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.