Top reasons for Aughton lease extension

Main reasons to start your Aughton lease extension today:

A Aughton lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Aughton is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 99 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Aughton will meet the qualifying criteria; that being said a conveyancing solicitor will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

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

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

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as unacceptable for lending purposes.

What makes us experts in Aughton lease extensions?

Engaging our service will provide you increased control over the value of your Aughton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Aughton Lease Extension Case Summaries:

Laura, Aughton, South Yorkshire,

In the wake of 6 months of unsuccessful discussions with the landlord of her studio flat in Aughton, Laura commenced the lease extension process as the eighty year threshold was quickly coming. The legal work was concluded in April 2010. The landlord’s fees were kept to an absolute minimum.

Aughton case:

In 2009 we were approached by Mr and Mrs. V Roberts who, having took over the lease of a purpose-built apartment in Aughton in January 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Identical premises in Aughton with 100 year plus lease were valued around £166,400. The mid-range ground rent payable was £60 billed quarterly. The lease expired on 1 June 2080. Considering the 54 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus legals.

Aughton case:

Last Summer we were e-mailed by Mr and Mrs. Y Evans , who acquired a newly refurbished apartment in Aughton in March 2007. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Comparable properties in Aughton with 100 year plus lease were valued about £232,800. The mid-range amount of ground rent was £45 collected yearly. The lease expired on 13 April 2091. Taking into account 65 years remaining we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.