Top reasons for Warrington lease extension

Why you should commence your Warrington lease extension today:

Increase your lease and increase your Warrington property value

With a residential leasehold premises in Warrington, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than 80 years left. Anyone in Warrington with a lease approaching 81 years left should seriously think of extending it sooner than later. Once a lease has less than 80 years left, under the current legislation the landlord can calculate and levy a larger premium, based on a technical computation, known as “marriage value” which is payable.

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.

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

Mortgage companies are really clamping down as regards to properties in Warrington with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Why use us for your lease extension in Warrington?

Using our service will provide you better control over the value of your Warrington leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers 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:

Nicole, Warrington, Cheshire,

After lengthy negotiations with the freeholder of her two bedroom flat in Warrington, Nicole commenced the lease extension process as the eighty year mark was swiftly approaching. The lease extension was concluded in January 2014. The freeholder’s charges were restricted to slightly above 450 pounds.

Warrington case:

Last Christmas we were e-mailed by Dr C Jones , who bought a first floor flat in Warrington in February 1998. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Warrington with a long lease were valued about £193,400. The mid-range ground rent payable was £65 billed quarterly. The lease expired in 2085. Given that there were 59 years remaining we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 plus legals.

Warrington case:

Mr and Mrs. N Walker purchased a studio flat in Warrington in May 2007. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparable residencies in Warrington with 100 year plus lease were valued about £255,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease concluded in 2096. Considering the 70 years left we estimated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 plus professional charges.