Main reasons to start your Cheetham Hill lease extension

Main reasons to commence your Cheetham Hill lease extension today:

Increase your lease and increase your Cheetham Hill property value

On the balance of probabilities if you own a flat in Cheetham Hill you actually own a long leasehold interest over your property

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

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This may be problematic as and when you come to dispose of or refinance your flat as it will be practically unmortgageable. Even though you may have no imminent intention to sell but when you do your purchaser must hold off for a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Cheetham Hill?

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

Cheetham Hill Lease Extension Case Summaries:

Tyler, Cheetham Hill, Greater Manchester,

Tyler owned a 2 bedroom flat in Cheetham Hill being marketed with a lease of fraction over fifty eight years left. Tyler on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Tyler to exercise his statutory right. Tyler obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Cheetham Hill case:

In 2010 we were called by Mr and Mrs. P Norbert who, having owned a one bedroom apartment in Cheetham Hill in May 1995. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Similar properties in Cheetham Hill with 100 year plus lease were worth £191,000. The mid-range amount of ground rent was £65 invoiced yearly. The lease elapsed in 2084. Given that there were 58 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £23,800 and £27,400 not including legals.

Cheetham Hill case:

Last Spring we were called by Mr and Mrs. W James , who moved into a first floor flat in Cheetham Hill in February 2010. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparative residencies in Cheetham Hill with a long lease were worth £250,000. The average amount of ground rent was £50 invoiced per annum. The lease came to a finish on 19 October 2095. Given that there were 69 years left we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.