Main reasons to commence your Appleby In Westmorland lease extension

Top reasons for lease extension now:

A Appleby In Westmorland leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Appleby In Westmorland you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties once you wish to dispose of or refinance your flat as it will be practically unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must hold off for 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Appleby In Westmorland lease extensions?

Using our service gives you increased control over the value of your Appleby In Westmorland leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Appleby In Westmorland Lease Extension Example Cases:

Sebastian, Appleby In Westmorland, Cumbria

Two years ago Sebastian, came dangerously close to the eighty-year mark with the lease on his ground floor apartment in Appleby In Westmorland. In buying his flat two decades ago, the length of the lease was of no significance. Luckily, he noticed he needed to take steps soon on a lease extension. Sebastian was able to extend his lease just under the wire in August. Sebastian and the landlord who owned the flat above ultimately agreed on a premium of £5,000 . If the lease had gone to less than 80 years, the premium would have gone up by at least £850.

Appleby In Westmorland case:

In 2010 we were contacted by Dr I Cooper who, having took over the lease of a newly refurbished flat in Appleby In Westmorland in October 2008. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar properties in Appleby In Westmorland with a long lease were valued about £264,000. The mid-range amount of ground rent was £60 invoiced annually. The lease lapsed on 5 August 2079. Given that there were 53 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 not including costs.

Appleby In Westmorland case:

In 2010 we were e-mailed by Mr N Miller who, having owned a first floor apartment in Appleby In Westmorland in February 1996. The question was if we could approximate the premium could be for a 90 year lease extension. Comparable homes in Appleby In Westmorland with 100 year plus lease were in the region of £220,400. The mid-range ground rent payable was £45 billed monthly. The lease concluded in 2090. Having 64 years remaining we estimated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 plus professional charges.