Main reasons to start your Stockport lease extension

Main reasons to commence your Stockport lease extension today:

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

Stockport 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 your lease becomes more expensive. It is the case that most Stockport tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Stockport you really ought to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

Leasehold residencies in Stockport with over one hundred years outstanding 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 freehold unless savings on ground rent and estate charges justify it.

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

What makes us experts in Stockport lease extensions?

Irrespective of whether you are a tenant or a landlord in Stockport,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stockport valuers.

Stockport Lease Extension Case Summaries:

Isaac, Stockport, Greater Manchester,

Isaac owned a conversion apartment in Stockport being marketed with a lease of just over sixty years outstanding. Isaac on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Isaac to invoke his statutory right. Isaac obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Stockport case:

Mr and Mrs. Y White was assigned a lease of a one bedroom flat in Stockport in September 1998. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative homes in Stockport with a long lease were worth £210,600. The mid-range ground rent payable was £45 billed annually. The lease expired on 20 August 2088. Considering the 62 years outstanding we estimated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of expenses.

Stockport case:

Mrs Isabel Sánchez took over the lease of a garden flat in Stockport in March 2010. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Similar properties in Stockport with an extended lease were valued about £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease terminated in 2099. Given that there were 73 years unexpired we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.