Main reasons to commence your Rochdale lease extension

Main reasons to start your Rochdale lease extension today:

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

Chances are that if you own a flat in Rochdale you actually own a long leasehold interest over your property

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

Leasehold residencies in Rochdale with in excess of one hundred years remaining 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 estate charges justify it.

Mortgage lenders may not finance a property with a short lease

Almost all mortgage companies will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Rochdale property becoming difficult to sell or remortgage.

Why use us for your lease extension in Rochdale?

Using our service will provide you increased control over the value of your Rochdale leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rochdale Lease Extension Case Studies:

Finn, Rochdale, Greater Manchester

Last Autumn Finn, started to get near to the 80-year mark with the lease on his one bedroom flat in Rochdale. Having bought his flat twenty years ago, the lease term was of no bearing. Luckily, he noticed he would imminently be paying way over the odds for Extending the lease. Finn extended the lease just under the wire in July. Finn and the landlord who owned the flat above eventually agreed on the final figure of £5,000 . If the lease had gone to less than 80 years, the amount would have become more costly by a minimum £1,075.

Rochdale case:

Dr Elizabeth Rodríguez took over the lease of a newly refurbished apartment in Rochdale in July 1997. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable properties in Rochdale with 100 year plus lease were worth £200,000. The average amount of ground rent was £50 collected per annum. The lease elapsed on 26 February 2103. Given that there were 77 years outstanding we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.

Rochdale case:

Last Christmas we were approach by Mr and Mrs. T Bernard , who owned a basement flat in Rochdale in June 1999. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Comparable residencies in Rochdale with a long lease were valued about £260,200. The average ground rent payable was £65 billed every twelve months. The lease came to a finish on 5 June 2092. Having 66 years left we approximated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of legals.