Top reasons for Blackburn lease extension

Why you should start your Blackburn lease extension today:

Increase your lease and increase your Blackburn property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Blackburn have the legal entitlement to extend the lease for an additional 90 years under legislation. Please think carefully before delaying your Blackburn lease extension. Putting off that expense today simply escalates the premium you will eventually be required to pay for a lease extension.

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

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

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are deemed to be deficient for lending purposes.

Why use us for your lease extension in Blackburn?

Lease extensions in Blackburn can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Blackburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Blackburn Lease Extension Case Studies:

Jasper, Blackburn, Lancashire

Last Winter Jasper, came very near to the 80-year threshold with the lease on his leasehold apartment in Blackburn. In buying his property 18 years previously, the unexpired term was of no importance. Thankfully, he became aware that he would soon be paying way over the odds for a lease extension. Jasper extended the lease at the eleventh hour last July. Jasper and the freeholder in the end settled on sum of £5,500 . If the lease had gone lower than eighty years, the amount would have escalated by a minimum £925.

Blackburn case:

In 2010 we were called by Dr Daniel Clark who, having bought a one bedroom flat in Blackburn in May 2002. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparative residencies in Blackburn with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 billed quarterly. The lease elapsed in 2092. Taking into account 66 years left we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.

Blackburn case:

In 2013 we were phoned by Mr and Mrs. J Cook who, having acquired a first floor flat in Blackburn in June 2010. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable premises in Blackburn with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 invoiced quarterly. The lease came to a finish in 2103. Considering the 77 years unexpired we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus fees.