Why you should commence your Ambleside lease extension

Main reasons to commence your Ambleside lease extension today:

A Ambleside leasehold property depreciates with the years remaining on the lease.

Ambleside 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. Legislation has been in place for sometime now which entitles qualifying Ambleside residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Ambleside you must check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Ambleside flat owner with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Ambleside with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to finance a property with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This will be problematic as and when you wish to market or remortgage your flat as it will be effectively unmortgageable. You might have no immediate intention to sell but when you do your purchaser must wait a couple of years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Ambleside?

Lease extensions in Ambleside can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 Ambleside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ambleside Lease Extension Example Cases:

Benjamin, Ambleside, Cumbria,

Benjamin owned a 2 bedroom apartment in Ambleside on the market with a lease of fraction over 72 years remaining. Benjamin informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Ambleside case:

In 2014 we were approached by Mr and Mrs. R Cooper who, having purchased a studio flat in Ambleside in July 2011. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Identical residencies in Ambleside with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 collected per annum. The lease ended on 5 October 2094. Considering the 68 years outstanding we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.

Ambleside case:

Mrs Olivia Dupont purchased a purpose-built apartment in Ambleside in November 2001. The question was if we could approximate the price could be for a 90 year lease extension. Comparative properties in Ambleside with an extended lease were in the region of £213,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease ended in 2083. Having 57 years remaining we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.