Main reasons to start your Aintree lease extension

Top reasons for lease extension now:

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

As the length of the unexpired term of a Aintree domestic lease decreases so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be negligible however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner than later. Many flat owners in Aintree will meet the qualifying criteria; that being said a conveyancer should be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold residencies in Aintree with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to loan monies on a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are regarded as unacceptable for lending purposes.

Why use us for your lease extension in Aintree?

Retaining our service will provide you enhanced control over the value of your Aintree leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Aintree Lease Extension Case Studies:

Isabelle, Aintree, Merseyside,

Off the back of unsuccessful correspondence with the freeholder of her leasehold apartment in Aintree, Isabelle started the lease extension process just as the lease was coming close to the all-important eighty-year mark. The transaction was concluded in June 2010. The landlord’s costs were negotiated to slightly above 550 pounds.

Aintree case:

Last Summer we were e-mailed by Mr and Mrs. V David , who took over the lease of a basement apartment in Aintree in September 2003. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Similar flats in Aintree with 100 year plus lease were worth £166,400. The average ground rent payable was £60 collected yearly. The lease concluded on 10 August 2080. Given that there were 54 years remaining we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.

Aintree case:

Last Summer we were e-mailed by Mrs Millie Smith , who acquired a garden apartment in Aintree in February 1999. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar flats in Aintree with an extended lease were in the region of £232,800. The mid-range amount of ground rent was £45 billed annually. The lease terminated in 2091. Having 65 years unexpired we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.