Main reasons to commence your Aigburth lease extension

Main reasons to start your Aigburth lease extension today:

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

Aigburth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Aigburth enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Aigburth you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Aigburth flat owner with a lease having around eighty years unexpired should take steps to make sure that a lease extension is effected without delay

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

Leasehold residencies in Aigburth with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may not issue a mortgage with a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter difficulties if you need to sell your flat in Aigburth if the unexpired term of your lease is under the criteria set by the majority of lenders. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Aigburth?

Irrespective of whether you are a tenant or a landlord in Aigburth,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Aigburth valuers.

Aigburth Lease Extension Case Summaries:

Mollie, Aigburth, Merseyside,

After lengthy discussions with the landlord of her ground floor flat in Aigburth, Mollie initiated the lease extension process just as the lease was coming close to the critical eighty-year deadline. The legal work was finalised in June 2010. The freeholder’s fees were restricted to less than five hundred GBP.

Aigburth case:

Last month we were contacted by Ms Aimee Dupont , who purchased a one bedroom flat in Aigburth in September 2011. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative premises in Aigburth with an extended lease were valued about £205,000. The mid-range amount of ground rent was £50 collected yearly. The lease lapsed on 25 July 2105. Given that there were 79 years unexpired we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.

Aigburth case:

In 2010 we were called by Ms M Cook who, having took over the lease of a ground floor flat in Aigburth in August 2011. We are asked if we could estimate the premium could be to extend the lease by 90 years. Similar premises in Aigburth with 100 year plus lease were valued about £275,000. The mid-range ground rent payable was £65 billed per annum. The lease lapsed in 2094. Considering the 68 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus professional charges.