Main reasons to start your Middlewich lease extension

Top reasons for lease extension now:

Increase your lease and increase your Middlewich property value

Middlewich leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Middlewich residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Middlewich you should see if your lease has between seventy and ninety years left. There are good reasons why a Middlewich flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Middlewich with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This may cause difficulties once you come to market or remortgage your property as it will be practically unmortgageable. You might not have an immediate plan to sell but when you do your purchaser must hold off for two years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Middlewich?

Regardless of whether you are a tenant or a landlord in Middlewich,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Middlewich valuers.

Middlewich Lease Extension Example Cases:

Sian, Middlewich, Cheshire,

Trailing lengthy negotiations with the freeholder of her leasehold flat in Middlewich, Sian commenced the lease extension process as the eighty year deadline was quickly coming. The legal work was concluded in February 2011. The freeholder’s costs were negotiated to below 700 pounds.

Middlewich case:

Mr and Mrs. L Rodríguez acquired a recently refurbished apartment in Middlewich in September 2000. We are asked if we could approximate the premium would be to extend the lease by an additional years. Comparative homes in Middlewich with a long lease were valued about £270,000. The mid-range amount of ground rent was £55 billed monthly. The lease terminated in 2101. Considering the 75 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.

Middlewich case:

Dr L Carter took over the lease of a one bedroom flat in Middlewich in August 2007. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical properties in Middlewich with a long lease were worth £173,800. The mid-range amount of ground rent was £60 invoiced annually. The lease concluded on 8 January 2081. Taking into account 55 years remaining we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.