Why you should start your Royton lease extension

Main reasons to start your Royton lease extension today:

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

There is no doubt about it a leasehold flat or house in Royton is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 125 years remaining then this decrease may be negligible however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. Many flat owners in Royton will qualify for this right; however a conveyancer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get nervous at around 75 years. This may be problematic as and when you wish to sell or remortgage your property as it will be effectively unmortgageable. You may not have an imminent plan to sell but when you do your buyer must hold off for two years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Royton?

Lease extensions in Royton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Royton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Royton Lease Extension Case Summaries:

Georgina, Royton, Greater Manchester,

After protracted discussions with the landlord of her two bedroom apartment in Royton, Georgina commenced the lease extension process just as the lease was coming close to the crucial 80-year mark. The transaction was finalised in April 2013. The landlord’s charges were kept to an absolute minimum.

Royton case:

In 2013 we were phoned by Mrs E Hill who, having completed a newly refurbished apartment in Royton in September 2012. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Identical flats in Royton with a long lease were valued around £184,000. The average amount of ground rent was £55 billed monthly. The lease termination date was on 12 April 2079. Given that there were 53 years remaining we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.

Royton case:

Mrs Chelsea Mitchell took over the lease of a ground floor apartment in Royton in March 1998. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative properties in Royton with an extended lease were in the region of £290,000. The average ground rent payable was £45 invoiced quarterly. The lease concluded in 2099. Having 73 years left we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.