Top reasons for Tarporley lease extension

Why you should start your Tarporley lease extension today:

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

The value of Tarporley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Tarporley with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not grant a mortgage with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Tarporley?

Lease extensions in Tarporley can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Tarporley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tarporley Lease Extension Example Cases:

Isaac, Tarporley, Cheshire,

Isaac was the the leasehold owner of a 2 bedroom flat in Tarporley being marketed with a lease of fraction over fifty eight years left. Isaac informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Isaac to exercise his statutory right. Isaac obtained expert advice and was able to make an informed judgement and handle with the matter and readily saleable.

Tarporley case:

Last Autumn we were phoned by Dr Muhammad Roberts , who purchased a purpose-built apartment in Tarporley in October 2009. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Comparable residencies in Tarporley with 100 year plus lease were valued about £252,800. The mid-range ground rent payable was £65 billed monthly. The lease end date was on 14 November 2090. Having 65 years left we approximated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 plus costs.

Tarporley case:

Last Autumn we were contacted by Ms Kelsey Ali , who moved into a garden apartment in Tarporley in September 2005. The question was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable flats in Tarporley with 100 year plus lease were worth £191,400. The average amount of ground rent was £55 billed monthly. The lease ran out on 7 July 2079. Considering the 54 years left we approximated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 plus fees.