Top reasons for Stalybridge lease extension

Why you should start your Stalybridge lease extension today:

Increase your lease and increase your Stalybridge property value

The market value of Stalybridge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Stalybridge with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may be problematic once you come to sell or remortgage your property as it will be effectively unmortgageable. Even though you might not have an immediate desire to sell but when you do your purchaser will need to wait 2 years before being able to start the legal procedures for a lease extension.

Get in touch with one of our Stalybridge lease extension solicitors or enfranchisement solicitors

Lease extensions in Stalybridge can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor 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 in-depth market knowledge dealing with Stalybridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stalybridge Lease Extension Case Studies:

Abigail, Stalybridge, Greater Manchester,

Trailing unsuccessful correspondence with the freeholder of her one bedroom flat in Stalybridge, Abigail initiated the lease extension process just as the lease was nearing the crucial eighty-year deadline. The legal work completed in January 2006. The freeholder’s fees were negotiated to under 650 GBP.

Stalybridge case:

Last month we were approach by Dr B Laurent , who moved into a recently refurbished flat in Stalybridge in March 1999. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical residencies in Stalybridge with 100 year plus lease were worth £254,200. The average ground rent payable was £60 billed every twelve months. The lease ended in 2077. Given that there were 51 years unexpired we estimated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 not including expenses.

Stalybridge case:

In 2011 we were approached by Mr and Mrs. U Mason who, having acquired a newly refurbished flat in Stalybridge in February 2001. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Comparative premises in Stalybridge with an extended lease were valued around £215,600. The average amount of ground rent was £45 billed every twelve months. The lease came to a finish on 3 August 2088. Taking into account 62 years outstanding we estimated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus legals.