Top reasons for Egremont lease extension

Main reasons to commence your Egremont lease extension today:

A Egremont lease depreciates with the years remaining on the lease.

Egremont residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties when you need to sell or refinance your flat as it will be practically unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer must wait 2 years before being able to initiate the legal procedures for a lease extension.

Why use us for your lease extension in Egremont?

Regardless of whether you are a tenant or a landlord in Egremont,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 in-depth market knowledge and the close ties they enjoy with Egremont valuers.

Egremont Lease Extension Example Cases:

Arthur, Egremont, Cumbria,

Arthur owned a 2 bedroom flat in Egremont on the market with a lease of a little over fifty eight years remaining. Arthur on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Egremont case:

In 2010 we were approached by Mrs O Howard who, having bought a studio apartment in Egremont in November 1996. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Egremont with an extended lease were valued about £300,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease lapsed in 2102. Having 76 years left we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Egremont case:

In 2014 we were approached by Dr K Torres who, having moved into a ground floor apartment in Egremont in June 2008. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Similar homes in Egremont with an extended lease were worth £252,800. The mid-range ground rent payable was £65 invoiced monthly. The lease expired on 25 June 2091. Considering the 65 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 plus professional charges.