Why you should commence your Trafford Park lease extension

Main reasons to commence your Trafford Park lease extension today:

Increase your lease and increase your Trafford Park property value

The nearer a residential lease in Trafford Park nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, in excess of 100 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner as opposed to later. Most flat owners in Trafford Park will meet the qualifying criteria; however a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Trafford Park with over 100 years remaining 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that plenty of flats in Trafford Park were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Trafford Park lease extensions?

Lease extensions in Trafford Park can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in lease extensions.

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 Trafford Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Trafford Park Lease Extension Case Studies:

Paige, Trafford Park, Manchester,

Following lengthy discussions with the freeholder of her ground floor apartment in Trafford Park, Paige commenced the lease extension process as the 80 year mark was fast approaching. The legal work was finalised in February 2007. The freeholder’s costs were restricted to under 700 pounds.

Trafford Park case:

In 2013 we were approached by Mr Alexander Petit who, having took over the lease of a newly refurbished apartment in Trafford Park in September 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable homes in Trafford Park with 100 year plus lease were in the region of £203,200. The average ground rent payable was £65 invoiced quarterly. The lease came to a finish in 2087. Having 61 years remaining we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus legals.

Trafford Park case:

Dr L González moved into a one bedroom apartment in Trafford Park in November 2003. The dilemma was if we could approximate the premium would be to extend the lease by an additional years. Identical flats in Trafford Park with an extended lease were worth £260,000. The average amount of ground rent was £50 collected per annum. The lease ended in 2098. Taking into account 72 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.