Why you should start your Ainsdale lease extension

Top reasons for lease extension now:

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

Ainsdale 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 gets more expensive. It is the case that most Ainsdale tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Ainsdale you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years in the future.

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

Mortgage companies are inclined not grant a mortgage on short residential leases. You most probably encounter difficulties if you need to sell your flat in Ainsdale if the remaining term of your lease is under the criteria set by most lenders. Different lenders have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Ainsdale lease extensions?

Lease extensions in Ainsdale can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in this area.

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 in-depth market knowledge dealing with Ainsdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ainsdale Lease Extension Case Summaries:

Bethan, Ainsdale, Merseyside,

Off the back of lengthy discussions with the freeholder of her one bedroom apartment in Ainsdale, Bethan started the lease extension process as the eighty year deadline was rapidly nearing. The transaction was concluded in February 2015. The freeholder’s fees were restricted to a tad over 650 pounds.

Ainsdale case:

Last Autumn we were called by Mr and Mrs. E Cook , who was assigned a lease of a studio apartment in Ainsdale in September 2006. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Comparative homes in Ainsdale with a long lease were worth £267,600. The average amount of ground rent was £65 invoiced quarterly. The lease concluded in 2093. Considering the 67 years remaining we approximated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.

Ainsdale case:

In 2013 we were phoned by Mr K Roux who, having took over the lease of a purpose-built apartment in Ainsdale in June 1999. The question was if we could estimate the price would be for a ninety year extension to my lease. Similar homes in Ainsdale with an extended lease were worth £206,200. The average ground rent payable was £60 collected per annum. The lease came to a finish on 28 March 2082. Considering the 56 years remaining we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus legals.