Why you should commence your Hoole lease extension

Main reasons to commence your Hoole lease extension today:

Increase your lease and increase your Hoole property value

Hoole residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold property. Many will simply not lend at all once an unexpired lease term drops below a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below 75 years as adequate security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Hoole property.

What makes us experts in Hoole lease extensions?

Retaining our service will provide you better control over the value of your Hoole leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hoole Lease Extension Example Cases:

Bethany, Hoole, Cheshire,

After lengthy negotiations with the freeholder of her one bedroom flat in Hoole, Bethany commenced the lease extension process as the 80 year mark was fast advancing. The transaction was finalised in February 2014. The landlord’s fees were negotiated to a tad over 450 GBP.

Hoole case:

In 2014 we were contacted by Dr Chloe Cox who, having was assigned a lease of a studio flat in Hoole in May 2003. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparative premises in Hoole with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease finished on 28 April 2088. Taking into account 62 years unexpired we calculated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including costs.

Hoole case:

Mr O Rodríguez was assigned a lease of a garden apartment in Hoole in March 1998. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable residencies in Hoole with an extended lease were valued about £174,200. The average amount of ground rent was £55 billed annually. The lease ran out in 2077. Considering the 51 years as a residual term we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including legals.