Main reasons to start your Chorley and Eccleston lease extension

Main reasons to commence your Chorley and Eccleston lease extension today:

A Chorley and Eccleston lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Chorley and Eccleston you actually own a long leasehold interest over your property

Chorley and Eccleston property with a lease extension has roughly the same value as a freehold

Leasehold properties in Chorley and Eccleston with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to grant a mortgage on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years remaining at the end of the mortgage. As a number of flats in Chorley and Eccleston were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Chorley and Eccleston?

Lease extensions in Chorley and Eccleston can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.

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 procuring Chorley and Eccleston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chorley and Eccleston Lease Extension Case Summaries:

Sian, Chorley and Eccleston, Lancashire,

Subsequent to unsuccessful negotiations with the landlord of her garden apartment in Chorley and Eccleston, Sian commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The legal work was concluded in January 2012. The landlord’s fees were kept to an absolute minimum.

Chorley and Eccleston case:

Last Winter we were called by Mr and Mrs. T Evans , who owned a garden flat in Chorley and Eccleston in June 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical properties in Chorley and Eccleston with 100 year plus lease were worth £267,600. The average amount of ground rent was £65 billed yearly. The lease expired in 2092. Taking into account 67 years remaining we estimated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 not including costs.

Chorley and Eccleston case:

Last Winter we were phoned by Dr F Ramírez , who was assigned a lease of a garden flat in Chorley and Eccleston in February 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Identical homes in Chorley and Eccleston with 100 year plus lease were worth £206,200. The average amount of ground rent was £55 invoiced every twelve months. The lease expiry date was in 2081. Taking into account 56 years outstanding we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus legals.