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.

Why you should commence your Salford lease extension

Why you should start your Salford lease extension today:

Increase your lease and increase your Salford property value

Chances are that if you own a flat in Salford you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Salford with in excess of 100 years unexpired 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies are distinct in their lending requirements. Some draw the line at 75 years left on the lease; others may be content with anything with more than 70 years. With less than 60 years, it may be difficult to obtain a mortgage in the first place.

Lender Requirement
Accord Mortgages
Bank of Scotland
Chelsea Building Society
National Westminster Bank
Yorkshire Building Society

Why use us for your lease extension in Salford?

Irrespective of whether you are a tenant or a freeholder in Salford,the lease extension solicitors that we work with will always be willing 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 Example Cases:

Holly, Salford, Greater Manchester,

In the wake of 6 months of protracted correspondence with the landlord of her garden flat in Salford, Holly initiated the lease extension process as the 80 year deadline was quickly approaching. The legal work was finalised in October 2013. The landlord’s fees were kept to an absolute minimum.

Salford case:

Mr and Mrs. S Laurent owned a purpose-built flat in Salford in March 2007. The question was if we could approximate the premium would be to prolong the lease by ninety years. Comparable homes in Salford with a long lease were valued about £208,200. The mid-range amount of ground rent was £65 billed per annum. The lease lapsed on 13 February 2087. Taking into account 61 years remaining we calculated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 not including expenses.

Salford case:

In 2014 we were e-mailed by Dr V Gómez who, having bought a ground floor flat in Salford in October 2006. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparative properties in Salford with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 collected per annum. The lease came to a finish on 3 April 2098. Considering the 72 years remaining we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.