Top reasons for Appleton lease extension

Why you should commence your Appleton lease extension today:

Increase your lease and increase your Appleton property value

For those whose Appleton property is held on a long lease, the message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

Appleton property with a lease extension is almost the same value as a freehold

Leasehold premises in Appleton with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Appleton were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Appleton lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you increased control over the value of your Appleton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Appleton Lease Extension Example Cases:

Jude, Appleton, Cheshire

Last October Jude, started to get close to the eighty-year threshold with the lease on his studio flat in Appleton. In buying his property two decades ago, the lease term was of little significance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Jude was able to extend his lease just ahead of time in September. Jude and the landlord eventually agreed on an amount of £6,000 . If the lease had gone to less than 80 years, the premium would have escalated by at least £1,150.

Appleton case:

In 2011 we were contacted by Mr and Mrs. F Bertrand who, having was assigned a lease of a ground floor apartment in Appleton in March 1999. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Comparative flats in Appleton with 100 year plus lease were worth £218,400. The mid-range amount of ground rent was £60 invoiced monthly. The lease finished on 9 May 2085. Having 59 years outstanding we approximated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 not including professional charges.

Appleton case:

Last Autumn we were contacted by Mrs Isabelle Morgan , who moved into a first floor apartment in Appleton in September 2010. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative properties in Appleton with a long lease were worth £205,000. The average amount of ground rent was £50 collected quarterly. The lease concluded in 2105. Having 79 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £7,600 and £8,800 not including legals.