Top reasons for Blackpool lease extension

Top reasons for lease extension now:

Increase your lease and increase your Blackpool property value

Blackpool leases on domestic deteriorating in value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher amount will be payable. Leasehold owners in Blackpool will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are prescribed timetables and steps to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not grant a mortgage with a short lease

Most banks and building societies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Blackpool property being difficult to sell or remortgage.

Why use us for your lease extension in Blackpool?

Using our service will provide you better control over the value of your Blackpool leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Blackpool Lease Extension Case Summaries:

Samuel, Blackpool, Lancashire,

Samuel was the the leasehold owner of a conversion apartment in Blackpool on the market with a lease of fraction over 59 years remaining. Samuel informally approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 annually. No ground rent would be due on a lease extension were Samuel to exercise his statutory right. Samuel obtained expert advice and secured an acceptable resolution without going to tribunal and readily saleable.

Blackpool case:

In 2011 we were phoned by Mr and Mrs. I Girard who, having was assigned a lease of a studio flat in Blackpool in April 1995. The question was if we could approximate the premium could be to prolong the lease by 90 years. Similar homes in Blackpool with 100 year plus lease were valued about £173,800. The mid-range ground rent payable was £65 collected quarterly. The lease concluded on 2 January 2081. Having 55 years left we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including expenses.

Blackpool case:

In 2013 we were approached by Dr M Brown who, having was assigned a lease of a ground floor flat in Blackpool in June 2005. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Comparative residencies in Blackpool with 100 year plus lease were valued around £235,200. The mid-range ground rent payable was £45 collected per annum. The lease expiry date was in 2092. Given that there were 66 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.