Why you should start your Adlington lease extension

Main reasons to start your Adlington lease extension today:

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

The market value of Adlington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the unexpired lease term is below than eighty years

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

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to loan monies with a short lease

The propensity since 2008 has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

The lawyers that we work with handle Adlington 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.

Adlington Lease Extension Example Cases:

Ollie, Adlington, Lancashire,

Ollie owned a studio apartment in Adlington being marketed with a lease of a few days over fifty eight years outstanding. Ollie informally approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Ollie to invoke his statutory right. Ollie obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Adlington case:

Dr Francesca Martin completed a garden apartment in Adlington in October 1999. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Identical homes in Adlington with a long lease were worth £265,000. The average amount of ground rent was £50 billed monthly. The lease terminated on 23 June 2100. Considering the 74 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.

Adlington case:

Last Summer we were contacted by Mr and Mrs. R Martínez , who owned a ground floor apartment in Adlington in April 1997. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable properties in Adlington with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 collected yearly. The lease finished in 2080. Considering the 54 years outstanding we approximated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus costs.