Main reasons to commence your Middlewich lease extension

Why you should commence your Middlewich lease extension today:

Increase your lease and increase your Middlewich property value

The value of Middlewich leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders will not loan monies with a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Given that a number of flats in Middlewich were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.

Get in touch with one of our Middlewich lease extension solicitors or enfranchisement solicitors

Lease extensions in Middlewich can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Middlewich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Middlewich Lease Extension Example Cases:

Jasper, Middlewich, Cheshire

Last October Jasper, came critically near to the 80-year mark with the lease on his leasehold apartment in Middlewich. In buying his flat 19 years previously, the length of the lease was of minimal interest. Luckily, he recognised he would soon be paying an escalated premium for a lease extension. Jasper was able to extend his lease at the eleventh hour last April. Jasper and the landlord ultimately settled on sum of £5,500 . If he had missed the deadline, the premium would have gone up by a minimum £1,150.

Middlewich case:

In 2009 we were approached by Mrs S Michel who, having took over the lease of a studio flat in Middlewich in April 1996. We are asked if we could approximate the price would be to extend the lease by 90 years. Identical homes in Middlewich with an extended lease were in the region of £173,800. The average ground rent payable was £60 billed annually. The lease ran out in 2081. Having 55 years left we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.

Middlewich case:

Mr Max Lefebvre moved into a first floor flat in Middlewich in November 1999. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Identical properties in Middlewich with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 billed monthly. The lease concluded on 11 March 2092. Given that there were 66 years outstanding we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including expenses.