Main reasons to start your Windermere lease extension

Top reasons for lease extension now:

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

With a long leasehold premises in Windermere, you are actually buying an entitlement to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than 80 years left. Residents in Windermere with a lease drawing near to 81 years left should seriously consider extending it as soon as possible. When the lease term has below eighty years remaining, under the relevant Act the freeholder can calculate and charge a larger premium, assessed on a technical computation, known as “marriage value” which is payable.

Windermere property with a lease extension has roughly the same value as a freehold

Leasehold properties in Windermere with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not issue a mortgage with a short lease

Many mortgage lenders will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Windermere property becoming difficult to sell or remortgage.

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

Lease extensions in Windermere can be a difficult process. We recommend you procure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience procuring Windermere lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Windermere Lease Extension Example Cases:

Aimee, Windermere, Cumbria,

Trailing unsuccessful correspondence with the freeholder of her purpose-built apartment in Windermere, Aimee started the lease extension process as the 80 year deadline was quickly nearing. The lease extension was concluded in July 2014. The freeholder’s charges were kept to an absolute minimum.

Windermere case:

In 2011 we were contacted by Mr Y Morgan who, having completed a garden apartment in Windermere in October 2007. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparable homes in Windermere with an extended lease were in the region of £280,000. The average ground rent payable was £45 invoiced every twelve months. The lease concluded in 2096. Considering the 70 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including costs.

Windermere case:

In 2013 we were phoned by Dr B Clarke who, having acquired a one bedroom apartment in Windermere in October 2012. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparative flats in Windermere with 100 year plus lease were valued around £223,400. The mid-range amount of ground rent was £60 billed quarterly. The lease ended on 1 March 2085. Given that there were 59 years left we approximated the premium to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of legals.