Main reasons to start your Waolstenholme lease extension

Top reasons for lease extension now:

Increase your lease and increase your Waolstenholme property value

The closer a residential lease in Waolstenholme nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than one hundred years to run then this decrease may be fractional that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Many flat owners in Waolstenholme will qualify for this right; however a lawyer will be able to confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Waolstenholme with over one hundred years unexpired 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 situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not grant a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once an unexpired lease term drops lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are seeking to remortgage your Waolstenholme property.

What makes us experts in Waolstenholme lease extensions?

The lawyers that we work with procure Waolstenholme lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Waolstenholme Lease Extension Example Cases:

Shannon, Waolstenholme, Greater Manchester,

In the wake of 6 months of unsuccessful discussions with the freeholder of her garden apartment in Waolstenholme, Shannon started the lease extension process just as her lease was coming close to the critical 80-year mark. The legal work was finalised in July 2009. The freeholder’s charges were negotiated to slightly above 650 pounds.

Waolstenholme case:

In 2012 we were called by Ms A Torres who, having was assigned a lease of a one bedroom flat in Waolstenholme in January 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Similar homes in Waolstenholme with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease lapsed in 2098. Given that there were 72 years remaining we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.

Waolstenholme case:

Last year we were phoned by Mr and Mrs. E Baker , who acquired a purpose-built apartment in Waolstenholme in May 1998. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparable properties in Waolstenholme with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 billed every twelve months. The lease elapsed on 14 June 2087. Having 61 years remaining we calculated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 not including expenses.