Main reasons to commence your Blackpool lease extension

Main reasons to commence your Blackpool lease extension today:

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

It’s an underpublicised truth that a Blackpool residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Blackpool property market.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Blackpool will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not loan monies on a short lease

Lenders are really restricting their approach as regards to properties in Blackpool with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

Why use us for your lease extension in Blackpool?

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

Blackpool Lease Extension Example Cases:

Robyn, Blackpool, Lancashire,

After protracted correspondence with the freeholder of her one bedroom apartment in Blackpool, Robyn started the lease extension process as the eighty year threshold was rapidly nearing. The legal work completed in January 2008. The freeholder’s fees were kept to an absolute minimum.

Blackpool case:

Ms S Garcia completed a one bedroom flat in Blackpool in July 2012. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Similar residencies in Blackpool with an extended lease were worth £193,400. The average amount of ground rent was £65 billed annually. The lease lapsed on 12 October 2085. Having 59 years left we calculated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of costs.

Blackpool case:

In 2009 we were phoned by Mr and Mrs. L Roux who, having took over the lease of a one bedroom flat in Blackpool in October 2010. The question was if we could estimate the price would be to prolong the lease by ninety years. Comparable flats in Blackpool with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 collected yearly. The lease finished on 7 June 2096. Considering the 70 years unexpired we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.