Main reasons to start your Dalton in Furness lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dalton in Furness property value

The market value of Dalton in Furness 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 substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage on a short lease

Most high street banks are tightening their criteria and many now want flats to have at least 60 if not 70 years left at the end of the mortgage. As a number of flats in Dalton in Furness were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Dalton in Furness?

Lease extensions in Dalton in Furness can be a difficult process. We recommend you get professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Dalton in Furness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dalton in Furness Lease Extension Case Summaries:

Victoria, Dalton in Furness, Cumbria,

Subsequent to lengthy negotiations with the freeholder of her basement flat in Dalton in Furness, Victoria started the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was concluded in May 2012. The freeholder’s costs were restricted to less than 550 pounds.

Dalton in Furness case:

Last Winter we were e-mailed by Mr and Mrs. S Lee , who was assigned a lease of a basement flat in Dalton in Furness in June 2004. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable premises in Dalton in Furness with a long lease were in the region of £295,000. The average ground rent payable was £45 collected monthly. The lease ended on 23 September 2100. Taking into account 74 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.

Dalton in Furness case:

In 2014 we were called by Mr and Mrs. V Mercier who, having acquired a garden flat in Dalton in Furness in November 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Identical residencies in Dalton in Furness with 100 year plus lease were worth £248,000. The average amount of ground rent was £65 billed yearly. The lease ran out on 15 November 2089. Considering the 63 years outstanding we estimated the premium to the freeholder to extend the lease to be between £20,900 and £24,200 plus professional charges.