Main reasons to commence your Stalybridge lease extension

Why you should start your Stalybridge lease extension today:

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

Stalybridge leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Stalybridge tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Stalybridge you must see if your lease has between 70 and ninety years left. There are compelling reasons why a Stalybridge flat owner with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties if you need to sell your flat in Stalybridge if the remaining term of your lease is under the criteria set by most lenders. Different lenders have different criteria but generally they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Stalybridge lease extensions?

Retaining our service will provide you better control over the value of your Stalybridge leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Stalybridge Lease Extension Example Cases:

Theo, Stalybridge, Greater Manchester

Twenty four months ago Theo, came very close to the 80-year mark with the lease on his leasehold apartment in Stalybridge. Having purchased his home two decades ago, the length of the lease was of little significance. Luckily, he realised he needed to take action soon on a lease extension. Theo arranged for a lease extension just in the nick of time in September. Theo and the landlord subsequently settled on the final figure of £5,000 . If he failed to meet the deadline, the sum would have escalated by a minimum £950.

Stalybridge case:

Dr C Torres acquired a one bedroom flat in Stalybridge in March 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Similar homes in Stalybridge with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 collected annually. The lease lapsed in 2100. Taking into account 74 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.

Stalybridge case:

In 2010 we were e-mailed by Mr and Mrs. G Torres who, having moved into a studio apartment in Stalybridge in October 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Identical flats in Stalybridge with a long lease were worth £166,400. The mid-range ground rent payable was £60 invoiced every twelve months. The lease came to a finish in 2080. Given that there were 54 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus professional charges.