Why you should start your Askam In Furness lease extension

Why you should commence your Askam In Furness lease extension today:

A Askam In Furness leasehold property depreciates with the years remaining on the lease.

For those whose Askam In Furness home is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold premises in Askam In Furness with more than 100 years left on the lease are sometimes 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 purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to lend on a short lease

The trend since 2008 has been for banks to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Askam In Furness?

Regardless of whether you are a tenant or a landlord in Askam In Furness,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Askam In Furness valuers.

Askam In Furness Lease Extension Example Cases:

Nathaniel, Askam In Furness, Cumbria

Last Winter Nathaniel, started to get near to the eighty-year threshold with the lease on his basement apartment in Askam In Furness. In buying his home two decades ago, the length of the lease was of minimal significance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Nathaniel was able to extend his lease at the eleventh hour last July. Nathaniel and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If he not met the deadline, the price would have gone up by a minimum £950.

Askam In Furness case:

Mrs Y Martin bought a one bedroom flat in Askam In Furness in April 1997. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical homes in Askam In Furness with an extended lease were valued around £189,000. The average ground rent payable was £55 billed annually. The lease termination date was in 2079. Considering the 53 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of fees.

Askam In Furness case:

Last month we were called by Mr and Mrs. F King , who was assigned a lease of a first floor apartment in Askam In Furness in February 2011. We are asked if we could estimate the price could be to extend the lease by ninety years. Identical premises in Askam In Furness with a long lease were in the region of £290,000. The average ground rent payable was £45 collected per annum. The lease finished in 2099. Taking into account 73 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.