Carlisle Lease Extension - Free Consultation

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Main reasons to start your Carlisle lease extension

Why you should commence your Carlisle lease extension today:

Increase your lease and increase your Carlisle property value

It’s an underpublicised truth that a Carlisle residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Carlisle property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term dips below eighty years, you will then be required to pay half 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 Carlisle will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Carlisle with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to finance a property on a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Carlisle if the remaining lease term is below the criteria set by the majority of lenders. Different lenders have varying requirements but in the main theyrequire an unexpired term of at least 65 years.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Carlisle lease extensions?

Irrespective of whether you are a tenant or a freeholder in Carlisle,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Carlisle valuers.

Carlisle Lease Extension Example Cases:

Austin, Carlisle, Cumbria

Two years ago Austin, came dangerously close to the 80-year threshold with the lease on his first floor apartment in Carlisle. Having bought his flat 18 years ago, the length of the lease was of no bearing. As luck would have it, he recognised he needed to take action soon on a lease extension. Austin extended the lease just under the wire in April. Austin and the landlord in the end settled on sum of £5,000 . If he had missed the deadline, the premium would have escalated by a minimum £1,125.

Carlisle case:

Last September we were phoned by Mr and Mrs. F Johnson , who acquired a first floor apartment in Carlisle in July 1998. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparable residencies in Carlisle with an extended lease were worth £205,000. The mid-range ground rent payable was £50 invoiced per annum. The lease lapsed in 2103. Having 79 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £7,600 and £8,800 exclusive of fees.

Carlisle case:

Last year we were e-mailed by Mr and Mrs. A François , who bought a purpose-built apartment in Carlisle in January 2008. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Identical residencies in Carlisle with 100 year plus lease were worth £270,000. The average amount of ground rent was £65 collected per annum. The lease lapsed in 2092. Given that there were 68 years left we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.