Main reasons to start your Windermere lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Windermere you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Mortgage lenders have specific criteria when lending monies charged on leasehold homes. Many will simply refuse lend at all once the remaining lease term goes below a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Windermere property.

Why use us for your lease extension in Windermere?

Irrespective of whether you are a tenant or a freeholder in Windermere,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Windermere valuers.

Windermere Lease Extension Example Cases:

Isaac, Windermere, Cumbria

14 months ago Isaac, came critically near to the eighty-year mark with the lease on his first floor apartment in Windermere. Having purchased his home twenty years previously, the lease term was of minimal concern. by good luck, he noticed he would soon be paying an escalated premium for a lease extension. Isaac arranged for a lease extension just ahead of time in January. Isaac and the freeholder eventually settled on sum of £6,000 . If he had missed the deadline, the premium would have escalated by at least £875.

Windermere case:

In 2013 we were approached by Dr Laura Rodríguez who, having purchased a one bedroom flat in Windermere in April 2005. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Similar residencies in Windermere with an extended lease were valued about £295,000. The mid-range ground rent payable was £45 billed per annum. The lease lapsed on 19 August 2100. Considering the 74 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.

Windermere case:

Mr and Mrs. A Robinson was assigned a lease of a purpose-built apartment in Windermere in September 2000. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparable flats in Windermere with a long lease were in the region of £243,000. The average amount of ground rent was £65 collected monthly. The lease elapsed in 2089. Considering the 63 years unexpired we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 not including costs.