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.

Aintree residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not grant a mortgage with a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You are likely to experience problems where you want to sell your flat in Aintree if the remaining lease term is under the criteria set by most banks and building societies. Different lenders have different requirements but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Aintree?

Lease extensions in Aintree can be a difficult process. We recommend you obtain professional help from a conveyancer 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 a wealth of experience procuring Aintree lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Aintree Lease Extension Case Summaries:

Hollie, Aintree, Merseyside,

Following lengthy correspondence with the freeholder of her purpose-built flat in Aintree, Hollie commenced the lease extension process as the eighty year threshold was swiftly approaching. The legal work completed in May 2011. The freeholder’s costs were restricted to less than 700 GBP.

Aintree case:

Mr and Mrs. C Ali bought a garden apartment in Aintree in September 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Comparable flats in Aintree with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 collected monthly. The lease termination date was in 2092. Taking into account 66 years remaining we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.

Aintree case:

In 2013 we were approached by Ms Ellie Brooks who, having owned a garden apartment in Aintree in March 1997. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative properties in Aintree with an extended lease were valued about £280,000. The average amount of ground rent was £55 invoiced monthly. The lease expired in 2103. Given that there were 77 years unexpired we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.