Top reasons for Stalybridge lease extension

Why you should commence your Stalybridge lease extension today:

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

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 Stalybridge. Inevitably, the term of lease remaining reduces as time goes by. This is often overlooked and only raises itself as an issue when the property needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Stalybridge have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Please give careful consideration before delaying your Stalybridge lease extension. Holding off that expense now simply increases the price you will eventually incur to extend your lease

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

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lending institutions will not grant a mortgage with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be inadequate for lending purposes.

Why use us for your lease extension in Stalybridge?

Irrespective of whether you are a tenant or a landlord in Stalybridge,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Stalybridge valuers.

Stalybridge Lease Extension Example Cases:

Bethan, Stalybridge, Greater Manchester,

In the wake of 6 months of protracted discussions with the freeholder of her basement flat in Stalybridge, Bethan initiated the lease extension process as the 80 year mark was swiftly nearing. The legal work was concluded in June 2007. The freeholder’s fees were negotiated to slightly above 600 pounds.

Stalybridge case:

Last September we were phoned by Mr D Peterson , who acquired a garden flat in Stalybridge in February 2012. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparable homes in Stalybridge with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £55 invoiced monthly. The lease came to a finish on 16 July 2104. Having 78 years unexpired we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus fees.

Stalybridge case:

In 2013 we were e-mailed by Mr and Mrs. W Bennett who, having took over the lease of a basement flat in Stalybridge in November 1996. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical properties in Stalybridge with 100 year plus lease were in the region of £191,000. The average amount of ground rent was £65 billed annually. The lease lapsed on 25 April 2084. Given that there were 58 years remaining we calculated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of costs.