Main reasons to start your Middlewich lease extension

Top reasons for lease extension now:

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

Middlewich leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Middlewich will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.

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

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

Lenders may not finance a property on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you want to sell your flat in Middlewich if the remaining term of your lease is less than the criteria set by most banks and building societies. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Middlewich lease extensions?

The lawyers that we work with handle Middlewich lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Middlewich Lease Extension Case Summaries:

Max, Middlewich, Cheshire,

Max was the the leasehold proprietor of a 2 bedroom flat in Middlewich being sold with a lease of just over sixty years left. Max on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Max to invoke his statutory right. Max procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Middlewich case:

Last Autumn we were contacted by Ms Rachael Rose , who took over the lease of a recently refurbished apartment in Middlewich in November 2004. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparative premises in Middlewich with a long lease were in the region of £242,600. The average amount of ground rent was £45 collected per annum. The lease ran out in 2093. Taking into account 67 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 plus professional charges.

Middlewich case:

Ms U Mason moved into a first floor apartment in Middlewich in February 1997. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable flats in Middlewich with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £55 collected annually. The lease came to a finish on 9 June 2104. Having 78 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of expenses.