Top reasons for Arnside lease extension

Main reasons to commence your Arnside lease extension today:

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

For those whose Arnside property is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not loan monies with a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you need to sell your flat in Arnside if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Arnside?

The conveyancers that we work with undertake 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 lawyer we work with provide it.

Arnside Lease Extension Case Summaries:

Alexander, Arnside, Cumbria,

Alexander owned a high value apartment in Arnside being sold with a lease of a little over sixty years left. Alexander informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Alexander to invoke his statutory right. Alexander obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

Arnside case:

Last month we were phoned by Mr and Mrs. P Martin , who purchased a one bedroom flat in Arnside in March 2002. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar flats in Arnside with 100 year plus lease were valued about £295,000. The average ground rent payable was £50 collected yearly. The lease ended in 2101. Taking into account 75 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Arnside case:

In 2012 we were called by Mr Connor Turner who, having acquired a one bedroom flat in Arnside in February 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Identical flats in Arnside with 100 year plus lease were valued about £250,400. The average amount of ground rent was £65 invoiced per annum. The lease came to a finish in 2090. Given that there were 64 years unexpired we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus costs.