Disley Lease Extension - Free Consultation

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Before you progress with your lease extension in Disley
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Disley lease extension

Main reasons to start your Disley lease extension today:

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

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

An extended lease is almost the same value as a freehold

Leasehold properties in Disley with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not lend with a short lease

Lending institutions have specific criteria when lending monies charged on leasehold homes. Some will simply not lend at all once an unexpired lease term falls lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Disley property.

Lender Requirement
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Regardless of whether you are a tenant or a freeholder in Disley,the lease extension experts 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 Disley valuers.

Disley Lease Extension Example Cases:

Hannah, Disley, Cheshire,

After protracted correspondence with the landlord of her leasehold apartment in Disley, Hannah commenced the lease extension process as the eighty year deadline was quickly coming. The legal work was concluded in July 2010. The freeholder’s fees were kept to an absolute minimum.

Disley case:

Mrs Mollie Morgan acquired a newly refurbished flat in Disley in January 1995. The question was if we could estimate the premium would likely be for a 90 year lease extension. Similar premises in Disley with an extended lease were valued about £243,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease expiry date was in 2088. Taking into account 63 years outstanding we calculated the premium to the landlord to extend the lease to be within £20,000 and £23,000 not including legals.

Disley case:

Last Summer we were phoned by Ms C White , who acquired a newly refurbished apartment in Disley in July 2001. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical flats in Disley with 100 year plus lease were valued around £181,600. The mid-range ground rent payable was £55 collected per annum. The lease terminated in 2077. Taking into account 52 years outstanding we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 not including fees.