Top reasons for Egremont lease extension

Why you should start your Egremont lease extension today:

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

The nearer a residential lease in Egremont nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, in excess of 125 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. Most flat owners in Egremont will qualify for this right; however a lawyer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold residencies in Egremont with in excess of 100 years outstanding 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 home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to lend with a short lease

Most banks and building societies will not lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this will result in your Egremont property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Egremont?

Regardless of whether you are a tenant or a landlord in Egremont,the lease extension solicitors 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 Case Studies:

Freddie, Egremont, Cumbria

14 months ago Freddie, started to get close to the eighty-year threshold with the lease on his garden apartment in Egremont. In buying his flat two decades ago, the length of the lease was of no interest. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Freddie arranged for a lease extension just ahead of time last August. Freddie and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If the lease had fallen to less than 80 years, the premium would have gone up by a minimum £850.

Egremont case:

Last Christmas we were contacted by Mr Rory Torres , who moved into a one bedroom apartment in Egremont in November 1996. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative premises in Egremont with an extended lease were valued about £270,000. The mid-range amount of ground rent was £65 invoiced annually. The lease elapsed in 2094. Given that there were 68 years outstanding we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.

Egremont case:

In 2009 we were approached by Dr Elijah Alexander who, having completed a one bedroom apartment in Egremont in February 1998. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Similar homes in Egremont with a long lease were in the region of £208,600. The average ground rent payable was £60 invoiced monthly. The lease end date was on 28 November 2083. Given that there were 57 years unexpired we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of costs.