Why you should start your Warrington lease extension

Main reasons to commence your Warrington lease extension today:

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

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

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

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

Mortgage companies are really clamping down as regards to properties in Warrington with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

Why use us for your lease extension in Warrington?

Using our service will provide you increased control over the value of your Warrington leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Warrington Lease Extension Case Studies:

Lydia, Warrington, Cheshire,

In the wake of 6 months of lengthy correspondence with the freeholder of her one bedroom apartment in Warrington, Lydia started the lease extension process just as the lease was approaching the crucial 80-year deadline. The lease extension completed in April 2014. The freeholder’s fees were negotiated to under 550 GBP.

Warrington case:

Mr J Patel moved into a first floor apartment in Warrington in August 2002. We are asked if we could estimate the premium could be to extend the lease by an additional years. Comparative properties in Warrington with 100 year plus lease were valued around £280,000. The mid-range ground rent payable was £55 collected every twelve months. The lease expired in 2104. Having 78 years outstanding we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of fees.

Warrington case:

Last September we were called by Mr and Mrs. E Clark , who acquired a ground floor flat in Warrington in November 2009. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative homes in Warrington with 100 year plus lease were worth £191,000. The mid-range ground rent payable was £65 collected yearly. The lease lapsed in 2084. Taking into account 58 years as a residual term we estimated the premium to the landlord to extend the lease to be between £23,800 and £27,400 plus fees.