Why you should start your Whitefield lease extension

Why you should commence your Whitefield lease extension today:

Increase your lease and increase your Whitefield property value

The value of Whitefield 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 increase materialy once the remaining term is less than 80 years

Whitefield property with a lease extension is almost the same value as a freehold

Leasehold premises in Whitefield with more than 100 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 circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property on a short lease

Banks and building societies are really restricting their approach as regards to homes in Whitefield with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the number of potential purchasers.

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

Regardless of whether you are a tenant or a freeholder in Whitefield,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whitefield valuers.

Whitefield Lease Extension Case Summaries:

Nicole, Whitefield, Greater Manchester,

Off the back of unsuccessful negotiations with the freeholder of her leasehold apartment in Whitefield, Nicole started the lease extension process as the eighty year threshold was quickly advancing. The lease extension was finalised in May 2013. The freeholder’s charges were restricted to slightly above 450 pounds.

Whitefield case:

Ms W Rose purchased a newly refurbished apartment in Whitefield in June 2006. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Identical flats in Whitefield with an extended lease were valued about £252,800. The average amount of ground rent was £65 invoiced quarterly. The lease ended on 18 April 2091. Considering the 65 years outstanding we approximated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of professional charges.

Whitefield case:

Last September we were contacted by Mr Oliver Garcia , who took over the lease of a garden apartment in Whitefield in June 1999. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparable flats in Whitefield with 100 year plus lease were valued around £191,400. The average amount of ground rent was £55 invoiced per annum. The lease came to a finish in 2080. Given that there were 54 years remaining we calculated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 plus fees.