Why you should commence your Whitehaven lease extension

Main reasons to commence your Whitehaven lease extension today:

Increase your lease and increase your Whitehaven property value

The market value of Whitehaven 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 increase materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Whitehaven with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to grant a mortgage on a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be aware that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they are not able to get a mortgage, then the value of the property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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

The conveyancing solicitors that we work with handle Whitehaven lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Whitehaven Lease Extension Case Summaries:

Leah, Whitehaven, Cumbria,

Trailing protracted correspondence with the landlord of her two bedroom flat in Whitehaven, Leah started the lease extension process as the eighty year deadline was fast advancing. The legal work was concluded in September 2011. The landlord’s costs were negotiated to slightly above 450 GBP.

Whitehaven case:

Dr N Fournier moved into a studio apartment in Whitehaven in January 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Whitehaven with an extended lease were in the region of £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease termination date was on 6 April 2087. Having 61 years left we approximated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of costs.

Whitehaven case:

Mr and Mrs. N Lefebvre took over the lease of a studio apartment in Whitehaven in January 2009. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative premises in Whitehaven with an extended lease were worth £166,800. The mid-range amount of ground rent was £50 billed every twelve months. The lease terminated on 16 August 2076. Taking into account 50 years remaining we calculated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of expenses.