Main reasons to start your Arnside lease extension

Main reasons to start your Arnside lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Arnside can extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Arnside lease extension. Shelving that expense now simply increases the premium you will eventually have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not issue a mortgage on a short lease

Lending institutions have set criteria when loaning funds charged on leasehold homes. Many will simply refuse lend at all once the remaining lease term falls under a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to remortgage your Arnside home.

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

The conveyancing solicitors that we work with handle Arnside lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Arnside Lease Extension Example Cases:

Reuben, Arnside, Cumbria,

Reuben owned a 2 bedroom flat in Arnside on the market with a lease of fraction over 59 years outstanding. Reuben on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Reuben to exercise his statutory right. Reuben obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.

Arnside case:

In 2011 we were phoned by Ms Aimee Garcia who, having was assigned a lease of a one bedroom apartment in Arnside in March 2010. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Similar properties in Arnside with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease came to a finish on 15 October 2097. Having 71 years left we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.

Arnside case:

Mr and Mrs. M Collins was assigned a lease of a one bedroom apartment in Arnside in September 2006. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Arnside with a long lease were worth £225,800. The mid-range ground rent payable was £60 invoiced yearly. The lease finished in 2086. Taking into account 60 years remaining we approximated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of expenses.